The Malaysia-Based NFT Disaster: How a $2.9M Investment Became Worthless

PumpDetector · 2026-02-04T18:12:44+00:00

Sina Estavi's NFT investment in Jack Dorsey's first tweet, purchased for $2.9 million, quickly plummeted in value after market sentiment changed. His failed attempt to relist it for $48 million highlights the risks of investing based solely on trends without fundamental value.

PumpDetector

2026-02-04 18:12:44

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In one of cryptocurrency’s most dramatic cautionary tales, Sina Estavi, the CEO of cryptoLand exchange based in Malaysia, watched his once-celebrated NFT investment crumble from millions to virtually nothing. The story traces back to 2021, when the malaysian entrepreneur made headlines by acquiring the NFT of Jack Dorsey’s first-ever tweet for $2,900,000, narrowly outbidding fellow crypto mogul Justin Sun during the peak of the nft craze.

From Peak Hype to Complete Collapse: The Jack Dorsey Tweet NFT Story

The purchase seemed brilliant at the time. In 2021, nft fever had gripped global markets, with digital assets commanding astronomical prices across auctions. Estavi’s aggressive bid demonstrated faith in the emerging asset class. However, when the actual utility of most NFTs remained unclear, market sentiment shifted dramatically. By 2022, just a year after his purchase, Estavi attempted to reverse his position by listing the Jack Dorsey tweet nft for $48 million—an ambitious price tag that included promises to donate half the proceeds to charity.

The results proved devastating. The listing attracted only 7 total bids, with the highest offer reaching just $280. This shocking collapse revealed the depth of the narrative shift in cryptocurrency markets.

Why This Malaysia NFT Investment Failed So Spectacularly

The plunge from $2.9 million to near-zero value underscores a critical market reality. When investment theses are built primarily on trend momentum rather than fundamental value, the reversal is often swift and unforgiving. Estavi’s experience reflects a broader pattern where early NFT adopters faced massive losses as the initial excitement faded and speculation gave way to skepticism about practical applications.

The Broader Lesson: Chasing Narratives Comes With Real Risk

Today, the same digital asset sits dormant in Estavi’s wallet, effectively worthless—a stark reminder of volatile crypto markets. The Malaysia-based entrepreneur’s journey from headline-maker to cautionary figure illustrates why disciplined investment strategy matters more than riding temporary narratives. The nft space continues to evolve, but this high-profile loss reinforces that market trends, no matter how explosive, eventually encounter resistance when underlying fundamentals don’t support continued valuations.

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