Crypto entrepreneur re-auctions Jack Dorsey's first tweet NFT for $48mn, gets bid for only $280

A non-fungible token (NFT) of Twitter founderJack Dorsey's first tweet that was earlier sold to a crypto investor for $2.9 million was re-listed again for the auction by the current owner for $48 million.

However, much to his dismay, the NFT could only fetch $280.

Before putting up for auction, Iranian-born crypto entrepreneur Sina Estavi had pledged to donate half of the proceeds of NFT sales to the charity, just like Dorsey.

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“I decided to sell this NFT (the world's first ever tweet) and donate 50% of the proceeds ( $25 million or more ) to the charity @GiveDirectly,” Estavi had posted on Twitter on April 7.

But Give Directly charity is now expected to receive merely $140—half of what Estavi promised.

The auction closed on Wednesday, and only seven offers were made ranging from 0.09 ETH ($277 at current prices) to 0.0019 ETH (almost $6), according to CoinDesk.

Estavi, who purchased the NFT for $2.9 million in March 2021, said that he will wait patiently until a good offer is made.

“The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it,” Estavi told CoinDesk on Wednesday.

The Iranian entrepreneur has only two days to accept the bid, otherwise it will expire.

Estavi's both cryptocurrency companies—Bridge Oracle and CryptoLand—collapsed after he got arrested in Iran last year for “disrupting the economic system”.

One of his crypto ventures, CryptoLand exchange, ceased operations, leaving customers unable to access their funds, and the price of his Bridge Oracle project’s BRG token tanked.

Now out of prison, the entrepreneur has been trying to make it right with holders of those almost worthless tokens, which were issued on the Tron blockchain.

(With inputs from agencies)