Estavi, who was recently freed from jail in Iran, told Reuters via Twitter direct message, adding that he was no longer sure if he would sell the NFT.
“It’s important to me who wants to buy it, I will not sell this NFT to anyone because I do not think everyone deserves this NFT,” Estavi said.
NFTs are a form of crypto asset which can record the ownership of a digital file such as an image, video or text. There is no guarantee of an NFT’s value and the market is rife with scams, fraud, counterfeits and market manipulation.
But Estavi was confident in the value of his purchase.
‘Victim of crypto’
“This NFT is not just a tweet, this is the Mona Lisa of the digital world,” he said.
Estavi, who lives in Malaysia, said he had been arrested last May during a trip to Iran and held in solitary confinement until he was freed in February.
That creates scarcity that makes them more desirable to collectors — and more valuable.
“It’s important for buyers to know what they are buying,” Levine added, noting that fraud may be less of an issue than it is for physical art. “Your token verifies you have the authentic digital copy.”
NFTs make that possible. Many of the buyers on Valuables use ethereum, the cryptocurrency that has soared this year and trails only bitcoin (XBT) in size, to finance the transactions.
Jack dorsey sells nft for millions
By Elizabeth Howcroft
LONDON (Reuters) – Crypto entrepreneur Sina Estavi made headlines in March 2021 when he paid $2.9 million for an NFT of Twitter boss Jack Dorsey’s first tweet. But his efforts to re-sell it have run aground, with a top bid of just $6,800 as of Thursday.
The initial purchase was at the time among the most expensive sales of a non-fungible token, or NFT, and came amid a flurry of interest in the niche crypto assets which have since generated billions of dollars in sales.
Estavi put the tweet up for resale on the popular NFT marketplace OpenSea last week, initially asking for $48 million.
That price tag was removed after offers in the first week were in the low hundreds of dollars.
— Estavi (@sinaEstavi) March 22, 2021
Estavi told Reuters he was “thankful” when asked for comment about the purchase.
Dorsey receives 95 per cent of the proceeds of the primary sale, while Cent receives 5 per cent.
Hejazi said that his platform allows people to show support for a tweet that goes beyond the current options to like, comment and retweet.
“These assets might go up in value, they might go down in value, but what will stay is the ledger and the history of ‘I purchased this from you at this moment in time’ and that’s going to be in both the buyer, the seller and the public spectators’ memory,” Hejazi said, adding that this was “inherently valuable”.
US graphic designer Mike Winkelmann, who is known as Beeple, sold an NFT, entitled Everydays:The First 5000 Days for US$69 million earlier this month in a Christie’s auction.
NFT could rise in value if Estavi chooses to sell it at a later date.
Some NFTs have already been resold for many times their value, so you would expect something as remarkable as Dorsey’s first tweet to ramp up in price.
Now, Dorsey obviously doesn’t need the money.
Which is why you’ll be pleased to know that he is committed to converting the winning bid into Bitcoin and donating it to GiveDirectly for its Africa Response.
Indeed, following the completion of the NFT auction, Dorsey immediately tweeted regarding the conversion of the Ethereum into Bitcoin and the transaction sending what amounts to more than 50 BTC to GiveDirectly’s Africa Response fund.
The auction platform, Cent, also receives five percent of the total sale.
NFTs Are Here to Stay
Non-fungible tokens are digital assets minted on the Ethereum blockchain.
The company’s goal is to enable anyone creative to make an income through the use of NFTs — that means developing tools to make it simpler for its users to mint NFTs, but also, building out its existing creator-focused social network. The content people post on Cent is usually creative work, like art and writing, rather than short posts — it’s closer to DeviantArt than it is to Reddit.
These are lofty goals for a $3 million seed funding round, but there are aspects of Cent’s Beta platform that make it promising.
“There’s already value in what we post on social media. It’s just being proxied through ad dollars, and it doesn’t have to be the case that there’s so much wealth concentration in a single entity.
We can work toward a system that decentralizes that wealth,” said Hejazi.
Dorsey put the tweet up for sale on March 5, with the bidding quickly jumping into the millions.
The final sale price was $2,915,835.47.
NFTs are a cryptographic tokens that are enjoying popularity with artists and musicians. The digital assets are stored on the blockchain, the same technology that’s behind cryptocurrencies like Bitcoin.
just setting up my twttr
— jack (@jack) March 21, 2006
Launched three months ago, Valuables compares the buying of tweets with buying an autographed baseball card.
The 15-year-old post was sold as a non-fungible token, or NFT, a digital certificate of authenticity that confirms an item is real and one-of-a-kind by recording the details on a blockchain digital ledger.
Dorsey tweeted earlier this month that the proceeds would be converted to Bitcoin, a digital currency not tied to a bank or government, and given to the nonprofit GiveDirectly’s Africa Response.
The charity has been raising money to support African families who were financially impacted by the coronavirus pandemic.
According to Valuables, 95 per cent of the proceeds from the sale price go to the tweet’s original creator, while 5 per cent of it goes to the platform.
An auction to sell the world’s first ever tweet suggests the NFT boom may be over.
Crypto entrepreneur Sina Estavi bought a 2006 tweet by Twitter founder Jack Dorsey in March 2021 for $2.9 million. He is now auctioning it but the biggest offer so far is a paltry $6,849.
The highest offer by the time a deadline set by Estavi was reached was just $277.
The NFT market exploded in popularity in 2021, with users sending at least $44 billion (£34 billion) worth of cryptocurrency as part of contracts related to NFT marketplaces, according to blockchain data platform Chainalysis.
The most expensive single transaction was a CryptoPunk NFT which sold for $532 million in November 2021.
However, interest in the digital assets seem to have dwindled in recent months.
NFT), paid for in ether.
“This is not just a tweet! I think years later people will realize the true value of this tweet, like the Mona Lisa painting,” the owner of the tweet himself tweeted.
NFTs are used to verify unique items. The blockchain-created certificate of authenticity is used for a digital asset such as art, or in this case, a tweet.
SEE: NFTs cheat sheet: Everything you need to know about non-fungible tokens (TechRepublic)
With the band Kings of Leon earlier this month releasing their latest album as an NFT, actor John Cleese is also trying his luck in the digital art world, selling an illustration of the Brooklyn Bridge he did on his iPad.
Under the pseudonym of “The Unnamed Artist” the Monty Python actor is selling the artwork for a buy it now price of $69,346,250.50.
LONDON (Reuters) – Twitter boss Jack Dorsey sold his first tweet as an NFT for just over $2.9 million dollars on Monday.
The tweet is in the form of a non-fungible token (NFT) – a kind of unique digital asset that has exploded in popularity so far in 2021.
Each NFT has its own blockchain-based digital signature, which serves as a public ledger, allowing anyone to verify the asset’s authenticity and ownership.
The tweet – “just setting up my twttr” – was Dorsey’s first tweet, made on March 21, 2006. twitter.com/jack/status/20
The NFT was sold via auction on a platform called Valuables, which is owned by the U.S.-based company Cent.
It was bought using the cryptocurrency Ether, for 1630.5825601 ETH, which was worth $2,915,835.47 at the time of sale, Cameron Hejazi, the CEO and co-founder of Cent confirmed.
Cent confirmed the buyer is Sina Estavi.