From Million-Dollar Dream to Zero: The Jack Dorsey NFT Collapse

BoredApeResistance · 2026-02-05T02:03:26+00:00

Sina Estavi's purchase of Jack Dorsey's first tweet NFT for $2.9 million highlights the risks of investing in trend-driven assets. Despite initial hype, its value plummeted to $280, underscoring the volatility of the NFT market and the importance of cautious investing.

BoredApeResistance

2026-02-05 02:03:26

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In 2021, when the NFT market was at its peak, Iranian-Malaysian entrepreneur Sina Estavi made headlines by purchasing the first tweet in history for $2.9 million. The NFT, created from a tweet by Jack Dorsey, the founder of Twitter, was won in a competitive bidding war against Justin Sun during the height of the NFT narrative boom. This acquisition represented not just a personal investment, but a symbolic moment in the rush to monetize digital history.

The Trillion-Dollar Gamble That Backfired

The purchase price of $2.9 million seemed like a reasonable bet at the time, as Jack Dorsey’s original tweet held cultural significance in the digital world. However, Sina Estavi’s strategy shifted in 2022 when he decided to capitalize on the NFT’s perceived value. He listed the Jack Dorsey tweet NFT for an ambitious $48 million, promising to donate half the proceeds to charity. The inflated asking price reflected the optimism that had gripped the NFT market just months earlier.

When Reality Set In

What followed was a sobering lesson in market cycles. The auction received only seven bids, with the highest offer reaching just $280—a staggering 99.99% decline from the original purchase price. Today, that same NFT sits in Estavi’s wallet with virtually no market value, barely worth $10 even in speculative terms. This dramatic collapse mirrors the broader correction that swept through the NFT market as narratives lost momentum and speculative enthusiasm cooled.

The Broader Lesson About Market Cycles

The jack dorsey tweet nft saga serves as a cautionary tale about the dangers of investing heavily in trend-driven assets. When the underlying narrative weakens—whether it’s about digital scarcity, celebrity status, or technological innovation—prices can evaporate just as quickly as they inflated. While Estavi’s loss was extraordinarily public, countless other investors experienced similar heartbreak as the NFT market matured and speculation gave way to more rational valuation. The key takeaway remains clear: market cycles eventually turn, and those who chase narratives late often pay the steepest price.

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