The NFT of the first tweet in history fails in its new auction

Sina Estavi, owner of the NFT since the very first tweet, tried to sell his non-fungible token to the highest bidder. However, the auction failed miserably during the current week —ending April 13—. as collected CoinDesk, the goal was to sell said NFT for at least $48 million. However, the maximum bid barely reached 280 dollars. Yes, you read correctly.

Of course, the figure is significantly below Estavi’s expectations. The aforementioned outlet mentions that Estavi has two days to accept the offer or else it will expire. For the statements he made after what happened, It doesn’t seem like he has any intention of closing the deal.. Indeed, this does not exclude that your NFT will never be sold:

“The deadline I set for myself is over. But if I get a good offer, I might take it, or I might never sell it.”

Sina Estavi

The idea of Sina Estavi, who is also CEO of Bridge Oracle, was donate 50% of profits to a charitable cause. Of course, their plans fell apart.

It was March 6, 2021 when Jack Dorsey, founder and former CEO of Twitter, launched the NFT auction of the first tweet in history. The highest bid was from Sina Estavi, who ended up spending $2.9 million. Proceeds from the sale were donated by Dorsey to an African aid organization. At that time, the continent was going through a very difficult situation due to COVID-19 —among many other widely known problems—.

“Thank you for accepting my offer and I’m glad this money is going to a charitable cause,” Estavi said after winning the auction. A year later, the billionaire tried to follow in the footsteps of the former NFT owner, but the case ridiculous end.

Is the NFT bubble ending?

Why couldn’t Estavi even get back what he spent? Most likely because the NFT bubble is coming to an end. At the end of March, an analysis by the Nansen firm revealed that a third of the NFTs studied (19.3 million on Ethereum) had lost their trading volume.

Please note that the above does not mean that the NFTs in the sample have lost their value; simply little or no one is interested in buying them. This is precisely what happened with the non-fungible token of the first tweet in history.

Similarly, Nansen points out that in March, the volume of transactions with NFTs fell by 40% compared to the previous month. For its part, OpenSea, one of the largest NFT trading platforms, noted a drop of 67%, according to data from Bloomberg.