Jack Dorsey’s $2.9M NFT tweet flops at auction

Jack Dorsey NFT

Jack Dorsey NFT

Buying an NFT linked to a top entrepreneur or celebrity does not guarantee a massive return on investment. Sina Estavi, the founder of two Malaysia-based cryptocurrency companies, is having to swallow this bitter pill.

During the hit of the NFT frenzy early last year, Estavi paid a whopping $2.9 million for an NFT of Jack Dorsey’s first tweet. A year later and the $2.9 million NFT received a top bid of just $280 in an auction.

$350,000 Bored Ape NFT sells for just $115

The collectible was scheduled to sell via auction with opening bids set at $28 million. The CEO of the blockchain company Bridge Oracle said that he was earmarking a portion of the sales for charity.

However, the auction closed yesterday, and it was nothing short of a flop. Estavi received just seven offers ranging from 0.09 ETH (around $277) to 0.0019 ETH (about $6).

With two days left to either accept or reject the bids, Estavi said that he might never sell the tweet NFT.

Although the NFT market started the year with full force, it appears the market is slowing down. By early March, daily sales had dropped by 83% relative to the end of January. According to data from market tracker Nonfungible, the average price of an NFT has also fallen from a high of $6,200 to under $2,000 within the same period.

The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it.

Jack Dorsey NFT

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