NFT of Jack Dorsey’s first tweet depreciated by 10 000%

In March 2021, Sina Estavi bought the NFT of Jack Dorsey's first tweet for $ 2.9 million. Last week, he put it up for sale for $ 48 million. The auction closed yesterday and only seven bids were received for the entire time, with prices ranging from $ 6 to $ 280.

After buying the NFT, Estavi tweeted a comparison of the purchased piece to Leonardo da Vinci’s Mona Lisa, calling it «a piece of human history.»

Perhaps the lack of demand is related to the owner of NFT, as he was arrested in May 2021 in Iran on charges of «undermining the economic system.» In this Arab country, Estavi not only engaged in fraud according to the Islamic Revolutionary Guard Corps, but was also involved in attacking Iranian citizens, as well as intimidating opponents with the help of pressure tools that go beyond the law. His CryptoLand exchange and Bridge Oracle startup were closed, and clients were unable to access funds.

He was recently released from prison and is trying to rehabilitate his reputation in the crypto community. Reputations often require money, and $ 280 won’t do much to help.