Things didn't go according to plan when Estavi tried to sell NFT of Jack Dorsey.
Estavi bought the exclusive rights to the 2006 tweet in March of 2021. He announced last week that he was looking to part ways with the $48 million he had sent.
The auction, which closed on Wednesday, received just seven bids, with the top bidder offering 0.09 in Ethereum, around $277 at current prices, which is roughly 170,000 times less than what he asked for.
Who knew this was coming? Maybe high-profile NFTs aren't worth millions of dollars.
Estavi insists that not all is lost.
The deadline was over, but he might never sell it if he gets a good offer.
The disappointing bid will be valid for two days, during which Estavi can either accept or let it expire.
The drama doesn't stop there. Two of the investor's ventures collapsed after he was arrested in Iran. Estavi claims it will take months to repay investors through a token swap.
It's not clear if he's trying to sell the account to make money. He said he would donate 50 percent of the proceeds to a charity called Give Directly.
Estavi was called out by the man himself, who said "Why not 99 percent of it?"
The results of the auction might make it difficult for him to get those $25 million.
Various NFTs have been exchanging hands in a fairly abstract way for millions of dollars, giving the exclusive rights to anything from individual pixels to low-brow JPGs of bored apes.
Estavi's spectacularly unsuccessful auction of Dorsey's tweet may be the canary in the coalmine, suggesting that digital ownership of vacuous digital assets may be incredibly overvalued after all.
NFT went on sale for $48 million. It ended with a top bid of just $280.
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