Twitter co-founder Jack Dorsey announced in March 2021 that he would issue a non-fungible token (NFT) for the very first tweet sent on the platform. According to the cited tweet, Dorsey tweeted “just setting up my twttr” in 2006. Iranian-born entrepreneur Sina Estavi bought NFT for $2.9 million and donated the earnings to charity. The owner is now trying to sell it. At the moment, things are not going well.
Last week, Estavi predicted that the project would raise $50 million, half of which he would donate to charity. “) “Why not 99 percent of it??” Dorsey inquired about it.) More than $800 has been offered in an online auction on OpenSea, and Thursday is the deadline for the ad to be removed.
I decided to sell this NFT ( the world's first ever tweet ) and donate 50% of the proceeds ( $25 million or more ) to the charity @GiveDirectly
🖇 https://t.co/cnv5rtAEBQ pic.twitter.com/yiaZjJt1p0— Sina Estavi (@SinaEstavi) April 6, 2022
A rough year for the NFT industry has followed its meteoric rise to popularity in 2021. For a noble cause, Dorsey’s sale was ahead of the curve and generously donated to the GiveDirectly organization. But in the end, $17 billion worth of nonfungible tokens were traded last year. An NFT marketplace called OpenSea and the producer of the Bored Ape Yacht Club NFT collection both saw their valuations rise by more than $13.3 billion in the first quarter of 2017.
In 2022, trading volumes plummeted due to a lack of interest among potential purchasers due to fears of fraud and hype. Recently, activity has increased, although it is not yet obvious whether any NFTs will recover their value.
Some people find a link to an asset, rather than the asset itself, is confusing about NFTs. In a world of digital abundance, they serve as a method for reinstating scarcity and a sense of ownership. The NFT of a tweet is particularly perplexing to some since it is controlled by Twitter’s users and their tweets, not the NFT’s owner. Some have noted that the NFT is essentially worthless if Dorsey decides to remove it at any time.
In the last year or two, Estavi has found himself in a lot of trouble. On grounds of “disrupting the economic system,” he was arrested in Iran last year. The collapse of his crypto businesses, Bridge Oracle and CryptoLand. It appears that he was detained for nine months and has now begun the process of relaunching his crypto coins.