Once a digital crown jewel fetching $2.9 million in the heady days of the NFT craze, the tokenized version of Jack Dorsey’s inaugural tweet has withered to a mere shadow, now estimated at under $10 with no buyers in sight. This stark reversal captures the essence of speculative bubbles in the crypto world, where fortunes rise on hype and crash on reality. The tweet itself, a humble “just setting up my twttr” posted on March 21, 2006, marked the birth of what would become a global social platform, yet its NFT incarnation now symbolizes the fleeting nature of blockchain-based assets.
The saga began in March 2021 when Dorsey, the co-founder and then-CEO of Twitter, auctioned the NFT on the Valuables platform, drawing bids from crypto enthusiasts eager to own a piece of internet history. Malaysian-based Iranian entrepreneur Sina Estavi emerged victorious, shelling out 1630.5826 ETH for the prize, which he likened to purchasing the Mona Lisa of the digital age. Dorsey promptly converted the proceeds to Bitcoin and donated them to GiveDirectly, a charity focused on poverty alleviation in Africa, showcasing his commitment to philanthropy amid the windfall. Estavi, meanwhile, envisioned flipping the asset for even greater profits, but his plans unraveled as the market soured.
Estavi’s own story adds layers of intrigue to the tale, marked by legal troubles that intertwined with his crypto ambitions. Shortly after the purchase, in May 2021, Iranian authorities arrested him on charges of disrupting the economic system through his cryptocurrency ventures, including issuing tokens via his company Bridge Oracle. He was released but later fled the country, facing further accusations of embezzlement involving millions, with a 2025 court sentencing him to 15 years in absentia and ordering restitution. Reports also surfaced of IRGC agents allegedly siphoning funds during related fraud investigations, painting a picture of high-stakes drama in Iran’s shadowy crypto scene.
By 2022, Estavi attempted to resell the NFT on OpenSea with a lofty $48 million asking price, pledging half the proceeds to charity, but bids peaked at a paltry $280, reflecting the onset of crypto winter. The following year, valuations dipped below $4, and by 2026, market estimates hover around $10 or less, with no transactions occurring for years despite occasional listings. This nosedive parallels the NFT sector’s broader implosion, where trading volumes plummeted from a 2021 high of $25 billion to an annualized $5.5 billion by 2025, driven by waning investor interest and regulatory pressures. Economic analyses have since highlighted how irrational exuberance fueled such volatility, turning digital collectibles into cautionary examples.
Public sentiment has shifted from envy to mockery, with X users reveling in the schadenfreude through memes and comments like “all my apes gone,” decrying NFTs as elaborate money-laundering schemes or worthless pixels. Viral posts in 2026, including one from NEXTA amassing over 42,000 views, reignited discussions, emphasizing how the asset’s value evaporated faster than expected in a market once touted for eternal scarcity. Critics point to underlying issues like environmental concerns over blockchain energy use and the lack of tangible utility, fueling debates on whether NFTs were ever more than a fad.
Dorsey, now 49 and steering Block Inc. with a net worth around $3.8 billion, has largely moved on, championing Bitcoin and decentralized tech while distancing himself from the NFT frenzy he briefly embraced. Estavi, still listed as the owner per blockchain records, remains a figure of controversy, his high-profile loss underscoring personal risks in volatile markets. This episode not only highlights the perils of speculation but also prompts reflection on digital ownership’s true worth in an era of rapid technological shifts.
In retrospect, the first-tweet NFT stands as a modern parable, illustrating how euphoria can blind even savvy players to market realities. Analysts suggest the industry’s future lies in practical applications like secure ticketing or art verification, rather than pure hype-driven trades. As blockchain evolves, stories like this remind investors to tread carefully, blending innovation with grounded expectations. For the original listing, check Valuables by Cent; Dorsey’s journey is detailed on Wikipedia; initial sale coverage appears in this CNBC article; and the value drop is analyzed by Forbes.
