Jack Dorsey's First Tweet NFT Plummets to Under $4, Originally Sold for $2.9 Million

The non-fungible token (NFT) of Twitter co-founder Jack Dorsey's inaugural tweet, "just setting up my twttr," which sold for over $2.9 million in March 2021, has seen its market value collapse to less than $4. This dramatic depreciation underscores the extreme volatility and speculative nature of the NFT market. Sina Estavi, CEO of Bridge Oracle, acquired the digital asset on the Valuables platform, paying 1630.5825601 Ether (ETH) for the unique digital certificate. At the time of the sale, Dorsey converted the entire proceeds into Bitcoin, donating the sum to GiveDirectly's Africa Response fund. Estavi had expressed high hopes for the NFT's future value, famously stating, "This is not just a tweet! I think years later people will realize the true value of this tweet, like the Mona Lisa painting." However, attempts by Estavi to resell the NFT have been met with significantly lower offers. In April 2022, he listed it for $48 million, pledging to donate half the proceeds to charity, but the highest bid received was a mere $280. By July 2023, reports indicated that the best offer for the NFT had fallen to less than $4, a stark contrast to its initial multi-million dollar price tag. The sale of the tweet as an NFT granted Estavi a digital certificate, signed and verified by Dorsey, along with the metadata of the original post, while the tweet itself remains publicly viewable on the X platform. This incident has become a prominent case study illustrating the rapid boom and subsequent bust within certain segments of the NFT market. The significant decline in value reflects a broader cooling trend in the digital collectibles space after its peak in 2021.