Back in March 2021 when the fervour surrounding non-fungible tokens (NFTs) was just starting up, now former Twitter chief executive officer Jack Dorsey put his first tweet up for auction as an NFT.

That NFT was purchased by Sina Estavi, a crypto entrepreneur from Iran, for $2.9 million and the funds were donated to GiveDirectly’s Africa Response. Last week however, Estavi listed the NFT for sale with a starting price of $48 million. The entrepreneur said that they would donate 50 percent – an estimated $25 million – of that sum to Give Directly as well

Unfortunately for Estavi, things did not go well. As reported by Coindesk, when the auction closed on Wednesday, the highest bid was for 0.09 Ethereum or around $280 at current prices.

While we don’t think this is indicative of the NFT space overall, it does highlight the fact that the resale value of a NFT depends entirely on whether is demand for it. As Estavi is now learning, nobody really wants to own something like a tweet which could disappear should Twitter go belly-up.

Despite not selling the NFT, Estavi told Coindesk that he would sell the NFT if he receives a “good offer” or that he might not actually sell the NFT at all.

Unfortunately for the entrepreneur, it looks like he might have to make that sale.

Having been arrested in May 2021 and spending nine months in custody, Estavi now needs to pick up the pieces of CryptoLand exchange which folded leaving customers unable to access their funds. Worse still, his token BRG tanked while he was in prison.

Over the last week Coindesk reports that Estavi has been trying to win back investor confidence in his new BRG venture but is seemingly jumping on another project before making investors in his previous ventures whole.

Whether he will be able to earn that confidence remains to be seen but the low interest in the Jack Dorsey NFT could be a sign that perhaps, nobody wants to be involved with the crypto entrepreneur.