A NFT purchased linked to an entrepreneur of celebrity status does not ensure a large return on your investment. Sina (NASDAQ 🙂 Estavi Estavi is being forced to take this bitter pill. Estavi founded two cryptocurrency businesses based in Malaysia.

During the hit of the NFT frenzy early last year, Estavi paid a whopping $2.9 million for an NFT of Jack Dorsey’s first tweet. One year later, the NFT valued at $2.9million was only $280.

This collectible was set to go under the hammer with an opening bid of $28million. Bridge Oracle (NYSE) CEO stated that he had set aside a portion of his sales for charity.

“I decided to sell this NFT and donate 50% of the proceeds ($25 million or more) to the charity GiveDirectly,” wrote Estavi.

The auction ended yesterday and was a complete failure. Estavi was only offered seven bids, with prices ranging between 0.09ETH ($around $277) and 0.0019ETH (approx $6).

Estavi stated that he may never sell tweet NFT, with two days to accept or decline the offers.

My deadline expired, but I could accept an offer from someone who is interested. I don’t know if that would be a bad deal, or if the price was right, it might not go through.

Despite the NFT market being strong in the beginning of the year, the market appears to be slowing. The daily average sales of NFTs had fallen 83% in March compared with January. The average NFT price has fallen to $2,000 from $6,200 according to Nonfungible data. Pablo Rodriguez Fraile, a NFT enthusiast told Reuters:

Evidently, the excitement and enthusiasm that we felt at certain points last year are not there anymore […] I think we achieved something that wasn’t sustainable.

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