First-Ever Jack Dorsey Tweet NFT Reauctioned, Receives Massively Lower Bid Than Expected as Hype Fades
Twitter founder Jack Dorsey’s first-ever tweet, which sold for USD 2.9m worth of ethereum (ETH) back in March 2021, was put up for auction again and was apparently expected to fetch at least USD 50m, but has so far received the highest bid of just over USD 6,200.
Sina Estavi, an Iranian crypto entrepreneur and CEO of decentralized finance (DeFi) project Bridge Oracle, purchased the NFT after entering a race with Tron (TRX) chief Justin Sun, who was also interested in the token and had made a USD 2m bid.
Now, nearly a year later, Estavi has decided to resell the NFT with the aim of raising USD 48.8m. He took to Twitter last Thursday to announce the news and claimed he would donate 50% of its proceeds (which he thought would exceed USD 25m) to the charity GiveDirectly.
However, so far, the NFT has received the highest bid of ETH 2 (USD 6,222), which is more than 99.9% below Estavi's expected bid. The offer was made three days ago.
Meanwhile, crypto users have linked the lack of interest in the NFT to the fact that it is just a "JPEG" with no utility.
"There’s no way to monetize it or use it in any way. If you’re buying jpeg NFTs like this essentially just view them as a way to donate to whoever’s selling it (ie an artist you really like and want to support, etc) rather than an investment," one Reddit user said.
Others argue that not all NFTs are mere "JPEGs" with no use cases. "Non fungible tokens are exciting, despite the public now associating them with useless jpgs," one Reddit user said, noting that the majority are not aware of the full potential of NFTs.
For instance, an NFT could be used to offer access to an event, exclusive in-person memberships, or future use in the digital world. Bored Ape Yacht Club (BAYC) NFTs are a good example, as they offer holders unique perks and exclusive memberships, and they are going to be integrated into a number of blockchain-based games.
Estavi, who is also the owner of CryptoLand, one of Iran's largest crypto exchanges, was arrested for "disturbing the economic system" in May 2021, as per reports by local outlets.
He has since been released and is currently working again on his Bridge Oracle project which has been relaunched on Binance Smart Chain (BSC).
"We want to continue the Bridge project in a way that is not just different but also stronger than before," he said in a March 14 YouTube video. "We have always had big, exciting goals in every scenario and will keep doing so in the future."
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