Technology
I bought Jack Dorsey’s Twitter NFT for $2.9m – but could only get $280 for it a year later
A MAN who spent millions buying Twitter co-founder Jack Dorsey’s first tweet can barely muster a couple of hundred for it a year later.
Sina Estavi paid a whooping $2.9million/£2.2million for the NFT (non-fungible token) in March 2021.
Jack Dorsey’s first tweet
Dorsey’s tweet from March 2006 says “just setting up my twttr”.
Crypto entrepreneur Estavi thought he’d get $48million/£36.5million by reselling it.
But an auction last week flopped miserably.
Only seven offers were put in, the highest at less than $280/£213, according to CoinDesk.
Read more about NFTs
The embarrassed investor has conceded he may “never sell it”.
After rejecting the laughable offer, he’s since tried to flog the NFT again.
So far, it has only managed to creep into the single thousands.
But at $6,200/£4,720, it’s still a far cry from the price he originally paid.
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NFTs have been heralded as way for digital artists to make money, but as Estavi has discovered, it comes with risk.
Owners usually receive a certificate of ownership.
The investor had pledged to donate half of proceeds to charity.
“Last year, when I paid for this NFT, very few people even heard the name NFT,” he told the BBC.
“Now I say this NFT is the Mona Lisa of the digital world. There is only one of that and it will never be the same.
“Years later, people will realise the value of this NFT.
“Keep that in mind.
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“I think the value of this NFT is far greater than you can imagine and whoever wants to buy it must be worthy.
“I think someone like Elon Musk could deserve this NFT.”
What is an NFT?
Here’s a simple guide…
NFTs are a hot new tradable item taking the internet by storm
The letters NFT stand for “non-fungible token”
If something is “fungible”, it can be traded for an identical counterpart
For instance, Bitcoin is technically fungible – you can swap one for another, and have the same thing
Physical cash is also fungible – you could trade one £10 note for another
An NFT is a totally unique digital token with no copies
Like Bitcoin and other cryptocurrencies, NFTs work using a blockchain
A blockchain is a public ledger of transactions recorded across the internet – and is totally unalterable
The NFTs on the blockchain can be traded like Bitcoin, but they’re unique by design
This gives them a special value, because each NFT is individual and unique
You can turn almost any kind of data into an NFT
People are selling digital artworks, songs and even tweets in NFT form
More elaborate NFT sales include virtual trainers/sneakers and even a virtual house
Importantly, NFTs are not physical – so if you buy an NFT object, you’re just owning a part of the blockchain and NOT a physical item
GettyTwitter was founded in 2006[/caption]
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