Man who spent almost $4 million on NFT of first tweet attracts just $15,000 at auction
Posted On April 15, 2022
The man who spent almost $4 million on the NFT of then-Twitter CEO Jack Dorsey’s first tweet has failed to attract little more than $15,000 at auction.
Cryptocurrency Sina Estavi first purchased the NFT (otherwise known as a Non-Fungible Token) in March 2021 for around $US2.9 million ($3.92 million).
The NFT is an image of the world’s first ever tweet, which simply reads “just setting up my twttr” in lower case.
At the time of publishing the highest bid was just 3.8 Ether, or just over $AUD 15,500.
Mr Estavi himself predicts that the NFT, which he has likened to Leonardo da Vinci’s Mona Lisa, will end up selling for over $50 million.
“I decided to sell this NFT ( the world’s first ever tweet ) and donate 50 per cent of the proceeds ( $25 million or more ) to the charity @GiveDirectly,” he tweeted.
He has previously said he has fielded offers for as much as $10 million for the NFT.
“Just received a $10M offer for my NFT from an institutional investor,” Mr Estavi said.
“I think people still don’t understand the value of the #Digital_Mona_Lisa!”
What is a non-fungible token?
One of the most controversial asset classes derived from blockchain technology, a non-fungible token (or NFT) is a non-interchangeable unit of data.
Typically, an NFT is associated with a digital file such as a photo, a video or a piece of audio.
What an NFT allows someone to do is to prove ownership of a digital piece of property that may have already been shared hundreds of thousands of times on the internet.
It has been largely associated with digital art and historic instances of internet culture such as memes.
To use an imperfect analogy, owning the NFT of the first-ever tweet is like The Lourve in Paris owning the Mona Lisa.
Everybody knows what the Mona Lisa looks like – and anybody can have a replica printed to hang on their wall – but only The Louvre in Paris could (theoretically) sell the painting.
An NFT is a similar concept but for digital properties such as Jpegs.
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