The NFT of the first tweet is getting worse: the highest bid is $23

It was bought for $2.9 million in 2021. The NFT from the very first tweet was relisted in April 2022, with little success. A few months after the auction started, the highest bid brought in a ridiculous price.

Do you remember the story of the tweet from Jack Dorsey, the creator of Twitter, who put the entrepreneur up for sale as an NFT in March 2021? If so, you probably remember the fact that it was sold for $2.9 million to Sina Estavi, a cryptocurrency entrepreneur.

In April 2022, barely a year after the purchase, the latter tweeted again, this time for $48 million (but still promising that half of the proceeds would be donated to charity). Only, here it is: the sale didn’t really work out and the highest bid Sina Estavi had received was $3,000.

Has the contractor rejected the offers? Have they expired? Numerama went for a walk again on the side of the Open Sea page of the tweet, this June 20, 2022. And the result is even more depressing than before: the currently highest bid is 0.02 ETH, or… $22.58.

Difficult, really // Source: Numerama / OpenSea screenshot

An important story for NFTs

The fate of this tweet may seem anecdotal, but it has its importance in the history of NFTs. Its sale had aroused great curiosity among the non-exchangeable tokens† It was also on this occasion that Numerama wrote his very first article on the subject. The title, ” what are NFTs and why buy a $2.5 million tweet? was unambiguous.

Since then, Numerama’s editors have written dozens of articles about NFTs, which have become real social phenomena. Pieces from certain collections, such as those from the Bored Apes Yacht Club or Cryptopunks, fetch hundreds of thousands of dollars, and a work by artist Beeple has even sold for $69 million. Entire exhibitions devoted to NFTs have been organized and new projects about NFTs are launched almost every day.

Bored Ape Yacht Club NFTs // Source: Bored Ape Yacht Club

But it is clear that the situation for Sina Estavi is not so good at all. The entrepreneur, who at the time of the sale said he considers the tweet to be “ a piece of human history, in digital form », is now guaranteed to lose all his bets. He had compared the tweet to a digital Mona Lisa and explained that he was confident in his investment. † Who knows how much this tweet will be worth in 50 years? ‘ he wondered for the BBC.

Today, the irony of the situation is palpable, and it makes you laugh – the NFT that Numerama made in 2021 actually sold for more than what’s being offered today for Jack Dorsey’s tweet: it was gone for 0.021 ETH or $23.74.

Could the tide turn for NFTs? Although it is still early to bury them, some very audible voices are starting to rise. The last word spoken is far from unknown: Bill Gates said on June 16 that, in his opinion, NFTs are a ” asset class that exists on the principle of the greatest fool theory “, which means ” someone will pay more money [pour cet actif] that I spent to acquire it. † I have nothing to do with it ‘ he concluded.

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