NFT of Jack Dorsey's first tweet put for US$48 million sale, attracts laughable bids

In a sign that the Non-Fungible Tokens craze may be petering out in sync with the rest of the risk assets, an NFT of the first ever tweet posted by Jack Dorsey is fetching just US$6,823 in bids out of the US$48 million initial asking price its seller listed it at. Back in March of 2021, the self-described "owner of the first ever tweet" financial planner Sina Estavi bought the NFT from Mr. Dorsey himself at a charity auction for US$2.9 million.

While Mr. Estavi claims that he has had a US$10 million offer for the tweet, the post that announced the decision to sell it on the OpenSea platform detailed a more ambitious goal. He was aiming to net no less than US$25 million to go to charitable causes in order to fulfill the NFT's original intentions yet again, which according to him would be "50% of the proceeds." At Wednesday's close, the listing of Jack Dorsey's first tweet transformed to an NFT art form has attracted bids for a fraction of a percent from that goal.

It increasingly seems that Sina Estavi may not be able to recoup even their original investment. Granted, certain NFTs like those from the Bored Apes Yacht Club or CryptoPunks sets that recently combined in a US$5 billion merger, can still fetch hefty sum on account of being a celebrity playground, but it remains to be seen if the struggles to resell the first tweet as NFT for a profit may be a harbinger of things to come for the overall market.

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