Because the NFT of Jack Dorsey’s first tweet is only worth $ 29

The NFT of the first tweet in history is worth next to nothing. More than a year after its creation, the non-fungible token is worth around $ 30. Like most NFTs, Jack Dorsey’s tweet suffers from the collapse of the cryptocurrency market.

The non-fungible token (NFT) from the first tweet in history has lost much of its value. As can be seen on OpenSea, one of the industry’s leading sales platforms, digital work is shunned by investors. The highest bid is 0.0166 Ether (ETH), or about $ 29.

We recall that Jack Dorsey, founder of Twitter, sold the NFT of his first tweet in March 2021 for the sum of $ 2.9 million. The asset was bought by Sina Estavi, CEO of Bridge Oracle, a cryptocurrency firm, after an auction. The buyer then assured that ” people will only understand in a few years what the true value of this tweet is, as with the Mona Lisa “.

The NFT market is down

The Iranian entrepreneur, however, decided to put the non-fungible token on sale last April, just one year after the purchase. He fixed it the starting price of the auction at $ 48 millionobviously hoping to generate significant profits.

Unfortunately for Sina Estavi, buyers weren’t rushed to get their hands on the tweet. The supply quickly stabilized at a hundred dollars, far from the purchase price. Questioned by CoinDesk, Sina Estavi specifies that she will not sell her property at all costs: “The deadline I set myself has expired, but if I receive a good offer I could accept it, I could never sell it”.

The NFT of the first tweet suffers the decline in the overall market for digital works certified on blockchain. In recent weeks, the most popular collections in the ecosystem, such as Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC), have seen a steep decline in transactions.

The NFT industry is simply reacting the decline of the cryptocurrency market. Since the beginning of May, most of the digital currencies have been in the red. The collapse of Terra’s UST stablecoin has plunged the ecosystem into a new bearish phase. Bitcoin is currently struggling for around $ 30,000, far from last year’s highs. For its part, Ether fell below the 2000 dollar sign.

Deprived of part of their money, buyers are losing interest in the NFT market, despite the profusion of new collections. In this slow market, high-value non-fungible tokens depreciate rapidly. This is particularly the case with the 10,000 NFTs that represent the table The kiss by Gustav Klimt (1862-1918). Listed for around € 1,850, they are now trading under € 300.

Despite the decline, Marketsandmarkets expects the NFT market to do so continues to grow in the years to come. In one study, analysts estimate that the blockchain digital works sector will represent $ 13.6 billion in 2027.

Source:

Coindesk

Leave a Comment