Crypto entrepreneur Sina Estavi has put up a speculative auction to sell Jack Dorsey’s first tweet on NFT for as low as $280. Last week, the tweet went on sale in the OpenSea marketplace, where bidders were expecting it to fetch close to $48M. Instead, the tweet only garnered a $280 top bid. It’s unclear what caused this price drop.
While the NFT never had a high demand, BoredApes and CryptoPunks have. Estavi was arrested in Iran last year, but he re-launched the Bridge Oracle tokens on Binance’s Smart Chain. Since then, the price has doubled, with Estavi’s Twitter account now worth over $13 billion.
Luxury fashion brands have already made millions of dollars selling NFTs. This is the first time that a luxury fashion brand has auctioned off an NFT. The Italian fashion brand Dolce & Gabbana, for example, sold a collection of NFTs for $5.65 million after going on sale in September. And the newest tie-up between Prada and Adidas may only increase the hype in the NFT space.