NFT of the first ever tweet fails miserably in its new auction

Sina Estavi, owner of the first-ever tweet NFT, attempted to sell his non-fungible token to the highest bidder. However, the auction failed miserably during the current week – it ended on April 13. According to CoinDesk, the goal was to sell the said NFT for at least $48 million. However, the maximum bid barely reached $280. Yes, you read that right.

Of course, the figure is significantly lower than what Estavi expected. The aforementioned media mentions that Estavi has two days to accept the offer, otherwise it will expire. From the statements he offered after what happened, it does not seem that he intends to close the deal. In fact, he does not rule out that his NFT will never be sold:

“The deadline I set for myself is over. But if I get a good offer, I may accept it, or I may never sell it.”
Sina Estavi

The idea of Sina Estavi, who also serves as CEO of Bridge Oracle, was to donate 50% of the proceeds to a charitable cause. Of course, his plans fell through.

It was March 6, 2021 when Jack Dorsey, founder and former CEO of Twitter, kicked off the NFT auction of the first ever tweet. The highest bid came from Sina Estavi, who ended up shelling out $2.9 million. Proceeds from the sale were donated by Dorsey to an African relief organization. At the time, the continent was going through a very difficult situation due to COVID-19 -among many other widely known issues.

“Thank you for accepting my offer, and I’m glad this money is being donated to a charitable cause,” Estavi said after winning the auction. A year later, the billionaire tried to follow in the footsteps of the previous NFT owner, but the affair ended in ridicule.

Does the NFT bubble end?

Why hasn’t Estavi even been able to recoup what he spent? Most likely because the NFT bubble is coming to an end. At the end of last March, an analysis by the firm Nansen made it known that a third of the NFTs studied (19.3 million in Ethereum) had lost their trading volume.

This does not imply that the NFTs in the sample have lost their value; there is simply little to no interest in buying them. This is precisely what has happened with the non-fungible token of the first ever tweet.

Likewise, Nansen point out that, during March, the volume of transactions with NFTs fell by 40% compared to the previous month. For its part, OpenSea, one of the largest NFT buying and selling platforms, noted a 67% decline.

Perhaps because there are now fewer homebound millionaires not knowing what to spend their money on?

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