The auction for an NFT of Jack Dorsey's first-ever tweet, which sold for $2.9M last year, ended with a maximum bid of 2 ETH, worth around $6.2K

Crypto entrepreneur Sina Estavi bought Twitter founder Jack Dorsey's first ever tweet as an NFT for $2.9 million last year. Source: OpenSea .

CoinDesk 2022-04-14 Sandali Handagama

Context & Ripple Effects

The token’s earlier sale followed a $2.5 million bidding surge after Jack Dorsey promoted the Valuables auction, and it ultimately closed at nearly $2.92 million. The new auction tests whether that peak price reflected durable demand for the asset or a moment-specific market.

Sina Estavi’s 2 ETH maximum bid sharply resets the observable market value of the same NFT, while the original sale’s proceeds had been directed to GiveDirectly’s Africa fund.

First-order effects

Estavi cannot resell the Dorsey tweet NFT near his 2021 purchase price through this auction; the highest indicated buyer value is about $6,200.
The result gives prospective NFT buyers and sellers a far lower comparable transaction signal for high-profile, single-item social-media collectibles.

Second-order effects

NFT marketplaces and sellers promoting celebrity-linked tokens face a tougher burden to demonstrate utility or scarcity beyond the original auction’s publicity.
Collectors holding comparable social-media NFTs may encounter reduced buyer appetite as the Dorsey token’s resale attempt establishes a conspicuous price gap.

Third-order effects

If repeated resale auctions produce similar gaps, NFT valuation will shift away from headline-making primary sales toward the depth and repeatability of secondary-market demand.
The episode points to a market where provenance and cultural visibility alone do not sustain prices without continuing liquidity among collectors.

The trend: NFT collectibles are being tested by secondary-market price discovery, exposing the difference between promotional auction peaks and repeat buyer demand.

Discussion

@sinaestavi @sinaestavi on x
thanks to @CoinDesk I am very happy that one of the longest articles on this site is devoted to our topic. I welcome any positive or negative comments about our project and I believe that time will tell. Time and success in work will be our greatest judge. ✌️ https://twitter.com/…
@category_fury Olivia on x
Watching the NFT bubble pop like a domino set towards crypto https://twitter.com/...
@iwillleavenow @iwillleavenow on x
Lol. Every day I am more firmly convinced that NFTs are digital beanie babies (except you just get the receipt, not the toy). https://www.coindesk.com/...
@iron_spike Iron Spike on x
LOL. https://twitter.com/...
@oneunderscore__ Ben Collins on x
Not going great in NFTville recently. https://twitter.com/...
@carnage4life @carnage4life on x
A punter bought an NFT of @jack's first tweet for $2.9M last year and couldn't get more than $280 for it an auction this week. He originally wanted $48M! When the only value of an asset is it's meme factor, you need to sell it before the meme gets old. https://www.coindesk.com/..…
@parismarx Paris Marx on x
You mean those early massive trades like the $69 million Beeple sale and Jack's $2.9 million tweet were designed to get headlines so people would throw their money at speculative assets where the gains would mostly be captured by a small number of whales? 😱 https://twitter.com/..…
@eoinhiggins_ @eoinhiggins_ on x
Not even sure if “bubble” is accurate https://twitter.com/...
@andyboxall Andy Boxall on x
A $280 max bid... and yet it's still manages to be a ridiculous amount of money to pay for this nonsense. https://twitter.com/...
@simonowens Simon Owens on x
There are probably a ton of examples like this in the NFT world, we just don't hear about them much because journalists only write about the blockbuster initial sales. https://twitter.com/...
@stevekovach Steve Kovach on x
Looking forward to all the headlines in a year when celebrities sell their apes at a $500k loss. https://twitter.com/...
@tayooye @tayooye on x
NFTs are great for artists, and I hope you guys make all the millions from it. But it's not an asset class. It's entire value is the possibility that a greater fool will buy it from you. Dear artist, Mint NFTs. Make your money. There's always a rich fool in the market. https://tw…
@backlon Dieter Bohn on x
Just setting up my schdnfrd https://twitter.com/...
@healthuntodeath Tom Whyman on x
Oh no my magic beans https://twitter.com/...
@munecatmusic @munecatmusic on x
The art market is a mixture of culture and history with a load of tax avoidance and money laundering piled on top. The NFT market is a mixture of entirely unregulated tax avoidance, money laundering and fraud from top to bottom - and that's it. https://twitter.com/...
@jeffnolan Jeff Nolan on x
2nd time this week, I've used this gif. Suckers. Who TF ever thought this would be a good idea? https://twitter.com/... https://twitter.com/...
@mollypriddy Molly Priddy on x
who could have predicted screenshots would lose their value so quickly https://twitter.com/...
@craigmod Craig Mod on x
how do you make a large fortune? start with a huge fortune and buy @jack's “first tweet” nft https://www.coindesk.com/...
@jnack John Nack on x
Shockingly, worthless shit remains worthless. https://twitter.com/...
@counternotions @counternotions on x
It's early days. https://www.coindesk.com/... ↓ https://twitter.com/...
@dantwany @dantwany on x
This is how I feel about the random NFTs I bought in 2018 and always hope to see a bid for one of them https://twitter.com/...
@jathansadowski Jathan Sadowski on x
The chain of infinite fools is always way shorter than you think and sometimes it turns out you were the biggest fool all along https://twitter.com/...
@molly0xfff Molly White on x
my, what large bags you're holding https://twitter.com/...
@bennetttomlin Bennett Tomlin on x
This makes me feel good about some of the NFT collateralized loans I've seen https://twitter.com/...
@josephmdurso Joey D'Urso on x
When you point out NFTs have no intrinsic value and can be copied for free, advocates say “that's just like the Mona Lisa”. Ok, but world famous artists hold lasting value because society knows who they are. The Mona Lisa isn't going to “go to zero”. A lot of this stuff might. ht…
@gstrompolos George Strompolos on x
Well that de-escalated quickly https://twitter.com/...
@jgulden @jgulden on x
I don't understand how anyone thinks this is a negative signal for NFTs long term this is an insanely positive signal that the mania has peaked and the shitty, scammy stuff is starting to get shaken out real builders will shine https://twitter.com/...
@silvermanjacob Jacob Silverman on x
Probably not indicative of any larger lesson or tendency about this industry. https://twitter.com/...
@danprimack Dan Primack on x
Something about a fool and his money... https://twitter.com/...
@bdsams Brad Sams on x
Primary value is derived because it is believed their is a secondary market. If the secondary doesn't exist... 🤔 https://twitter.com/...
@rmac18 Ryan Mac on x
the greater fool theory in action https://www.coindesk.com/...
@martinsfp Martin Sfp Bryant on x
On one hand, lol On the other, even NFT mega-fans must admit that tweets are an odd thing to trade https://twitter.com/...
@timhwang Tim Hwang on x
for sale: tweet token, never funged https://twitter.com/...
@wintonark Brett Winton on x
The marginal price of the marginal nft will trend towards the marginal cost to mint and transfer that nft https://twitter.com/...
@serghei @serghei on x
People who “invested” in NFTs rn: https://twitter.com/... https://twitter.com/...
@mattlech Matt Lech on x
new to investing, is this good? https://twitter.com/...

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