NFT of Jack Dorsey’s first tweet struggles to sell

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May 3, 2022

Many celebrities today are trying to create their NFT projects. It usually allows not only to get additional profit but also to attract additional interest in their activities. Often, this is very effective; for example, the picture of Banksy and the album The Weeknd in the form of non-fungible tokens are sold out at remarkable speed for a lot of money. However, there are cases where a person’s popularity is not a guarantee that the token will be successful. One of the most notable examples is the NFT of Jack Dorsey’s first tweet.

Background

Jack Dorsey is the co-founder and former CEO of social networking site Twitter. In 2006, he wrote his first tweet.

Last year, he created a non-fungible token based on his first tweet. It included an image of the tweet itself (the text content, the time it was posted, and the author). It was put up for sale on the Valuables online platform. Bidding took place in an auction, where the winner was Sina Estavi, a crypto enthusiast of Syrian origin. The cost of the lot was then 2.9 million USD. Following the closing of the deal, Estavi received a title deed digitally signed by Jack Dorsey and other related paperwork.

Estavi kept this in his collection for a year and then decided to resell this NFT. But there was still an unpleasant surprise in store. When he again put the lot up for auction, very few wanted to play it. So, only seven crypto-enthusiasts took part in the pre-announced auction, who offered from 6 to 280 USD for the NFT of Jack Dorsey’s first tweet. It is only 2% of what Estavi paid a year ago.

It turned out to be a real problem for the Syrian. He expected to sell the NFT for at least 25 million USD. His plans also included giving half of the proceeds to charity. He has already announced a partnership with GiveDirectly.

Estavi claims that 280 USD is an insulting price and he would never make such a deal. He also claims that he was previously offered 10,000 USD for this NFT, but he refused, as he hoped to get a more substantial amount at the auction.

Stars and NFTs

A huge number of celebrities have already published their NFT. Some of them thundered all over the world, while others went unnoticed.

The first celebrity who decided to create an NFT was William Shatner, who issued 10 thousand tokens in 2020. Moments from the life and films were minted on them, and even an x-ray of the teeth. These tokens were sold out in 9 minutes, explained by the meager cost – from 25 USD apiece. However, the resale value was higher – up to 6 000 USD.

Paris Hilton also did not stand aside. In 2020, she released an NFT with a drawing of her cat and donated the proceeds to charity. The cost was 40 ETH. In the future, the diva decided to continue her cooperation with the world of cryptocurrencies and created a full-fledged collection.

But one of the most revolutionary of all the celebrity NFTs has been the sex video of rapper Azealia Banks making love to her artist husband, Ryder Ripps. It was sold for 10 ETH within half an hour.

Other celebrity crypto enthusiasts include:

  • Lindsay Lohan;
  • Kings of Leon;
  • Steve Aoki;
  • Shawn Mendes and many more.

As you can see, the NFT world is very diverse. Moreover, most celebrities do not break the price and try to make their product accessible to every crypto enthusiast. Perhaps this is the main reason why Estavi cannot sell his NFT. He overestimates the cost too much, not understanding how much this lot can cost. On the one hand, this is understandable since he gave a lot of money and hoped to get huge profits, but he underestimated the actual demand for such a product.

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