Technology

I bought Jack Dorsey’s Twitter NFT for $2.9 million – but was only able to get $280 for it a year later

A MAN who spent millions on Twitter co-founder Jack Dorsey’s first tweet can barely muster a few hundred a year later.

Sina Estavi paid a whopping $2.9 million/£2.2 million for the NFT (non-fungible token) in March 2021.

Jack Dorsey's first tweet

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Jack Dorsey’s first tweet

Dorsey’s tweet from March 2006 says “just setting up my twttr”.

Crypto entrepreneur Estavi thought he would make $48m/£36.5m by reselling it.

But an auction last week flopped miserably.

Only seven bids were submitted, with the highest reported being under $280/£213 CoinDesk.

The embarrassed investor has admitted he may “never sell” it.

After turning down the ridiculous offer, he has since attempted to flog the NFT again.

So far she has only managed to sneak into the individual thousands.

But at $6,200/£4,720, it’s still a far cry from the price it originally paid.

NFTs have been heralded as a way for digital artists to make money, but as Estavi has found, it comes with risks.

Owners usually receive a title deed.

The investor had pledged to donate half of the proceeds to charity.

“Last year when I paid for this NFT, very few people heard the name NFT,” he told the BBC.

“Now I say this NFT is the Mona Lisa of the digital world. There is only one of them and it will never be the same.

“Years later, people will see the value of this NFT.

“Do not forget that.

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“I think the value of this NFT is much greater than you can imagine and anyone wanting to buy it needs to be worth it.

“I think someone like Elon Musk could deserve this NFT.”

What is an NFT?

Here’s a simple guide…

  • NFTs are a hot new tradable item taking the internet by storm
  • The letters NFT stand for “non-fungible token”
  • When something is “fungible,” it can be exchanged for an identical counterpart
  • For example, bitcoin is technically fungible – you can swap one for the other and have the same thing
  • Physical cash is also fungible – you could exchange one £10 note for another
  • An NFT is a total unique digital token with no copies
  • Like Bitcoin and other cryptocurrencies, NFTs work on a blockchain
  • A blockchain is a public record of transactions recorded across the internet – and is completely immutable
  • The NFTs on the blockchain can be traded like bitcoin, but they are inherently unique
  • This gives them a special value, because each NFT is individual and unique
  • You can convert almost any type of data into an NFT
  • People are selling digital artworks, songs and even tweets in NFT form
  • More sophisticated NFT sales include virtual sneakers/sneakers and even a virtual house
  • Importantly, NFTs are non-physical – so when you buy an NFT object, you only own a piece of the blockchain and NO physical item
Twitter was founded in 2006

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Twitter was founded in 2006Photo credit: Getty
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https://www.thesun.ie/tech/8654095/jack-dorsey-nft-twitter-280-dollars-sina-estavi/ I bought Jack Dorsey’s Twitter NFT for $2.9 million – but was only able to get $280 for it a year later

Fry Electronics Team

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