From music albums to memes, an array of things were converted into an NFT over the last couple of months. While some became a huge hit a few others failed to garner anything. In a bizarre scenario, Twitter’s former CEO Jack Dorsey’s very first tweet was turned into an NFT. The NFT amassed immense traction and was sold for nearly $3 million back in 2021. A year later, the non-fungible token has seemingly lost its valor as it isn’t been able to gain anything close to its previous sale.
The digitized version of Dorsey’s tweet was purchased by an Iranian crypto entrepreneur, Sina Estavi. After spending $2.9 million on the NFT in March last year, he ended up in prison in May 2021. The arrest was carried out as he allegedly disrupted the economic system with his crypto exchange. Following his recent release, he decided to pocket some funds by selling the Dorsey piece.
As a result, the NFT was put on auction and Estavi even revealed that he would give away 50 percent of the proceeds to charity.
Things took a whole different turn as he failed to amass prominent offers for his NFT. Initially, the highest bidder made an offer of just $277. However, as news of this spread, the highest bid surged to 2 ETH which is currently worth $6,247.70.
What changed for this NFT?
Despite the recent price increase, the disparity between the original and resale values was unsatisfactory. While Estavi has three days to accept the 2 ETH offer, it’s expected that further offers will come in. At least, Dogecoin’s co-founder Billy Markus believes so.
Markus tweeted,
“I think it’ll be worth more now due to it making the rounds as a cringe meme.”
As Estavi was trying to get a good number on this NFT, several in the community began circulating Dorsey’s tweet with the description, “here it is for free.”