Owner will not sell NFT purchased at 2.5 million euros

No one wants the NFT at the price Sina Estavi had in mind for the first Jack Dorsey tweet NFT.

Is the hype of the NFT on the decline? The exclusive NFT clubs appear to hold their value well. But overall, the hype does indeed seem to have passed. And you can draw financially painful conclusions from that.

Jack Dorsey NFT

For example, there was someone who bought Jack Dorsey’s first tweet as an NFT. The purchase was not cheap at around 2.5 million euros. An investment, the buyer thought. In retrospect a painful mistake, because this buyer invested in something that now apparently has no value anymore.

The NFT of Jack Dorsey’s 1st tweet, which sold for $2.9 million last year, failed to gain interest when it was recently put up for resale

The auction closed with only 7 offers ranging from just 0.0019 to 0.09 #ETH ($6 to $280). Far cry from the $48 million sought by the owner pic.twitter.com/Kqnigrd5NO

— JACKIS.BTC.LUNA (@i_am_jackis) Apr 13, 2022

Sina Estavi, the owner of the NFT, wanted to use the platform OpenSea make the purchase. However, there appeared to be very little interest in the Jack Dorsey tweet NFT. Estavi hoped for a yield of 50 million dollars. Half of that would go to charity and the other half would keep the proceeds for themselves. It turned out to be a total mistake.

On OpenSea there was absolutely no interest in the NFT. The highest bid ended at $280 after seven days. Not even $500, let alone $50 million for this NFT. It painfully shows how such a purchase can lead to huge losses for millions. There may be a buyer for Estavi’s NFT one day, but it looks like he’ll settle for a bad buy.