Jack Dorsey minted the first tweet as an NFT last year and Iranian crypto investor Sinai Estavi purchased it for $2.8 million shortly after. Now, Estavi is trying to sell off the NFT, and it’s not going particularly well.
He listed the NFT for $48 million on Opensea, but as the auction drew to a close the top bid was a mere $280.
When Estavi purchased the tweet in March of 2021, just as the NFT boom was getting started, he was excited. “This is not just a tweet!” He said on Twitter. “I think years later people will realize the true value of this tweet, like the Mona Lisa Painting.”
Last Thursday, he announced he would sell the NFT at auction and donate half the proceeds to charity, a figure he claimed would be $25 million or more.
When the auction drew to a close, the highest bid was $277.88. “The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it,” Estavi told CoinDesk. Since the end of the auction, other offers have indeed come in. As of this writing, there’s an offer of 3.3 ETH (roughly $10,000) on the NFT. Estavi has 7 days to accept or wait for something better.
$10,000 is better than $280, but it’s a far cry from the $2.8 million Estavi paid for the tweet and even less than the $48 million he expected.
Estavi auctioned the NFT after leaving prison following his arrest in Iran for “disrupting the economic system.” He ran the CryptoLand exchange which collapsed while he was in prison. He’s attempting to make it right with investors. But they’ve expressed doubts about how he’s handled the fall out in interviews with CoinDesk.
Estavi did not immediately return Motherboard’s request for comment.