NFT Tweet Sold For $2.9 Million Was Now Resold For Just $277

Deepak Gupta April 15, 2022
Updated 2022/04/15 at 2:24 PM

Just over a year ago, news broke that an NFT tweet had reportedly sold for an astounding $2.9 million. It is the first ever publication on the social network, made by its founder Jack Dorsey in March 2006, having then been sold last year, for the value that, at the time, was equivalent to the purchase of the Mona Lisa painting.

However, that same tweet has now been resold for a much lower price of just $277.

$2.9 million NFT tweet resold for $277

NFT, like other technology of its kind, is basically another way for users to earn money, but based on speculation. And now there's one more example of that.

In March 2021 the first tweet on the social network Twitter, written by Jack Dorsey, was transformed into NFT and purchased in Malaysia by businessman Sina Estavi. But most surprising of all was the purchase price of the NFT tweet, which was then $2.9 million. The entrepreneur himself compared this acquisition to the purchase of the Mona Lisa's work.

But a year later, the businessman valued his publication NFT at $48 million. Thus, he announced that he would sell it at auction, noting that when the value exceeds 25 million dollars, he himself would give the remaining amount to charity.

However, it seems that your strategy didn't go as you wanted, as the auction ended with only seven bids, the lowest of which was $6 (0.0020 Ethereum) and the highest was just $277 (0.092 Ethereum). That is, the value of the NFT tweet was extremely below the 2.9 million dollars for which it was purchased, and much lower than the 48 million dollars estimated by its owner.

NFT

After reselling the publication, the seller canceled the auction and complained about it, stating that if he received a "good offer, could take it or never sell".

NFT is a kind of digital certificate, established via blockchain. This title defines originality and exclusivity to digital goods. Acronym for "Non-fungible Token" ("Non-fungible Token", in free translation), the NFTs have drawn attention after being paid millions of sums to acquire this type of asset on the Internet.

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