NFT of Twitter founder Jack Dorsey's first tweet sold for $2.9M last year, highest bid on resell just $278

Embattled crypto entrepreneur Sina Estavi bought an NFT of Twitter CEO Jack Dorsey's first tweet for $2.9 million last year, but has discovered that it is nearly worthless today.

Sina Estavi, an Iranian-born crypto advocate who was just released from prison after nine months, is attempting a comeback to the crypto world. His first attempt at raising funds was to re-sell the NFT of Jack Dorsey's tweet, which he purchased for $2.9 million last year at the height of the first NFT boom.

Estavi put the NFT up for auction last week for an initial price of $48 million. He clearly assumed that it would sell at an even better price, stating that he would donate half the proceedings to charity, or an estimated $25 million, once the auction went through.

However, Estavi was to be left disappointed as the auction only received seven total bids, with the highest offer being 0.09 ETH, or around $278. Estavi has two days to decide if he wants to accept the bid.

Estavi's decision to re-auction the NFT stemmed from his recent release from prison. He was arrested in Iran in May 2021 for 'disrupting the economic system', and wants to rebuild his crypto reputation starting with a new venture.

However, after two failed ventures in the past and the most recent imprisonment, his reputation among investors and the community is at an all time low. His imprisonment had wiped out the value of his Bridge Oracle company and its token BRG.

Estavi had hoped that a new venture, potentially funded by proceeds from this NFT sale, could have helped him re-launch his career and do right by the previous investors that were left hanging.