He took an all-or-nothing bet and came closer to nothing than nothing: An investor who tried to sell a non-fungible token (NFT) from Twitter founder Jack Dorsey’s first tweet could sell for just under $280.
Of course, the current owner of the NFT listed it for $48 million last week, Coindesk reported.
This is the Iranian-born crypto entrepreneur Sina Estavi, who bought the NFT for $2.9 million in March 2021.
According to Coindesk, last Thursday, Estavi announced on Twitter that he wanted to sell the NFT, pledging to put 50% of his proceeds (which he thought would exceed $25 million) into charity.
But the auction closed this Wednesday, with only seven total bids ranging from 0.09 ETH ($277 at current prices) to 0.0019 ETH ($6 almost).
“The deadline I set is over, but if I get a good offer, I may take it, I may never sell it,” Estavi hopefully told CoinDesk via WhatsApp message on Wednesday.
Estavi has two days to accept the offer, or it will expire.
“Estavi, whose cryptocurrency firms Bridge Oracle and CryptoLand collapsed following his arrest in Iran last year, is in the midst of relaunching his Bridge Oracle (BRG) tokens, which were originally on the Tron blockchain, to the Binance smart chain. ”, noted Coindesk.
BRG investors are waiting for Estavi to exchange their old tokens for the new ones. Estavi, who announced the token swap on the same day he put Dorsey’s NFT tweet up for sale again, told CoinDesk that the swap “is being run manually and the process can take up to two months to complete.”
Hakan Estavi, better known as Sina Estavi, is one of the first global investors in cryptocurrencies; he was born in Iran and nationalized in Malaysia. He holds the position of CEO of Bridge Oracle, one of the strongest organizations dedicated to the TRON blockchain network. Thus he became the buyer of the NFT from Jack Dorsey’s first tweetsold for $2.9 million.
That purchase on the Valuables platform was in March 2021 and caused a great impact. Estavi was a powerful contributor to the NFT hype with that purchase, but since then his visibility has dropped and, in fact, he has stoppednest in Iran for economic corruption.
Estavi offered 1,630 ETH, which was equivalent to about 2.5 million dollars. It was the investor’s final offer, which the figure had been progressively increasing. Two weeks after the offer, Jack Dorsey decided to accept it for $2.9 million.
“It is a part of human history in the form of a digital asset. Who knows what the price of the first tweet in human history will be in 50 years,” Estavi told the BBC. It is a digital asset that the investor compared to the Mona Lisa.
By purchasing the NFT from Dorsey’s tweet, Estavi has a digital certificate. And Dorsey the money, which he donated to an NGO in Africa. However, Estavi’s arrest months later was going to cast many doubts on that purchase.
Before becoming better known, what is known about him was the purchase of several Telegram channels and advertising through them. In 2015, Estavi founded the Iranian exchange Cryptoland. According to his Linkedin profile, in 2019, he took the next step by founding Bridge Oracle and teaming up with other investors from the crypto world.
On Twitter, he maintained a strong presence, with more than 100,000 followers.
As described by Cointelegraph, the Iranian Cyber Police even published a pinned tweet on Estavi’s profile explaining that “the owner of this account was arrested on charges of disrupting the economic system by order of the Special Court of Economic Crimes. Official judicial authorities will provide additional information.” The same tweet was posted on the Bridge Oracle account. However, those tweets have now been deleted.
Last year Estavi was denounced by the ex-CEO of Bitcoin.com, Mate Tokay, for allegedly not paying him for his services. In that lawsuit, it was stated that there was a inconsistency of about $525,000 in the supply of BRG tokens.
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From glory to jail: he bought an NFT from Jack Dorsey for USD 2.9 million and wanted to sell it for USD 48 million, but was only offered USD 280