With Estavi’s projection in the mega millions, any offer that falls short may push him to continually hold onto the NFT asset.
Sina Estavi, the Iranian crypto entrepreneur who bought Jack Dorsey’s first tweet put it up for sale in the past week and unveiled on Twitter that he wishes to sell the piece of history for $48 million. The Non-Fungible Token (NFT) was listed on OpenSea and was opened to receive bids.
Truly, bids came in, but just not what Estavi was expecting. For a tweet NFT that he snapped up for $2.9 million back in March last year, the highest bid received on the listing was a mere 2.2 ETH worth approximately $6,848.07 at the time of writing. While the initial auction window according to an earlier report by Coindesk closed on Wednesday, it appears a new timeframe has been added as new collectors can make bids on the listed NFT. Once the bids close, Estavi will have about 2 days before accepting or not.
Generally, blue-chip NFTs are known to grow in value over time, especially for generative art NFT collections like the Bored Ape Yacht Club (BAYC) where floor price is known to grow remarkably over time. It is unclear why the bidders on Jack Dorsey’s tweet are unwilling to match Estavi’s buying price at least, but one thing is clear, the listing amount of $48 million does not in any way echo the sentiment he had while listing the item.
Estavi had planned to donate about half of the proceeds from the sale of the NFT to a charity named Give Directly, with a mission to send money to people living in poverty in the Democratic Republic of Congo, Uganda, Yemen, and the United States amongst others. Per Estavi’s tweet announcing the listing, he had expected half of the sales to proceed to top $25 million.
With Estavi’s projection in the mega millions, any offer that falls short may push him to continually hold onto the NFT asset.
Jack Dorsey’s Tweet is Only One of Estavi’s Worries
Sina Estavi is at best described as an embattled man as his 9 months sojourn in jail in Iran has put him in a tough position with investors who backed him in his two previous projects CryptoLand and Bridge Oracle. The associated token of the latter project BRG built on the Tron Blockchain tanked massively following his arrest last year and is almost worth nothing at this time.
In a bid to pacify holders of the coin, Estavi said he is relaunching the coin on the Binance Smart Chain (BSC) network, and that current BRG holders can easily swap their old coins for the new. However, the approach adopted by Estavi’s team involves BRG holders sending a little amount of TRX coins that will help in verifying the certainty of the coins being held by the user.
Many investors found this approach dubious, and that the promised swap time is pegged at an average of 2 months, the impatience with Estavi is all but growing by the day.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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