The price for a non-fungible token (NFT) of Twitter (TWTR) founder Jack Dorsey’s first-ever tweet collapsed at auction, falling from an initial offer of $48 million U.S. to a bid of less than $280 U.S.
Iranian-born cryptocurrency entrepreneur Sina Estavi purchased the NFT for $2.9 million U.S. in March 2021. Last week, he announced on Twitter that he wished to sell the NFT and pledged 50% of its proceeds to charity.
The auction closed yesterday (April 13) with just seven total offers ranging from a high of 0.09 Ethereum (ETH), equivalent to $277 U.S. at current prices, to a low bid of 0.0019 ETH that’s worth just $6 U.S.
Estavi now says that he might “never sell” the NFT. He has two days to accept the highest bid or it will expire.
BRG investors are waiting for Estavi to exchange their old tokens for the new ones. Estavi, who announced the token swap on the same day that he put the tweet NFT up for auction, has said that the swap is being run manually and could take up to two months to complete.
Estavi, whose crypto ventures Bridge Oracle and CryptoLand collapsed following his arrest in Iran last year, is in the middle of relaunching his Bridge Oracle (BRG) tokens, which were originally on the Tron blockchain, to the Binance Smart Chain.
