Sina Estavi Failed To Turnover, NFT Jack Dorsey's First Tweet Only Appreciated IDR 97.6 Million

Jack Dorsey's first tweet is considered a painting of Monalisa in the digital world. (photo; doc. opensea)

JAKARTA - Crypto entrepreneur Sina Estavi made headlines in March 2021 when she bought NFT from Twitter boss Jack Dorsey's first tweet for USD 2.9 million (IDR 41.6 billion). However, his efforts to resell the NFT have failed. This is because the highest bid for the NFT was only USD 6.800 (IDR 97.6 million) on Thursday, April 14.

The initial purchase of the NFT was, at the time, one of the most expensive sales of a non-fungible token, or NFT. The purchase comes amid a growing interest in the crypto asset, which has since generated billions of dollars in sales.

Last week, Estavi posted the tweet for resale on the popular NFT marketplace, OpenSea. He initially asked for 48 million US dollars (IDR 689 billion).

The price tag had to be removed after its first week of bidding only ran into the hundreds of dollars. As of last Thursday, the highest bid for the tweet was just 2.2 ether or the equivalent of $6.800.

"My offer to sell is high and not everyone can afford it," said Estavi, who was recently released from prison in Iran. He told Reuters in a direct message on Twitter. He also added that he is no longer sure whether he will sell the NFT.

"It is important to me, for those who want to buy it, I will not sell this NFT to anyone because I don't think everyone has the right to this NFT," said Estavi.

NFT is a form of crypto asset that can record ownership of digital files such as images, videos or text.

There is no guarantee of the value of NFT and the market is full of scams, scams, counterfeits and market manipulation. But Estavi was convinced of the value of the purchase. "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 released in February. Iranian state media reported in May 2021 that he was accused of "disrupting the country's economic system".

Estavi said he had been arrested for the growth of his crypto exchange, Bridge Oracle, and described himself as a "crypto victim". "I need support from the cryptocurrency community," Estavi told Reuters.

When announcing the sale of NFT in a tweet on April 6, he pledged to give 50% of the proceeds from the sale - which he hopes for at least $25 million to charity. He also said the rest will be used to support Oracle Bridge.

But instead of supporting charities, the value he received from bidding at Open SEA is still a long way from being able to return the model he used to buy Jack Dorsey's first tweet.