Dorsey’s first tweet NFT value nosedives
Premium- When Twitter co-founder Jack Dorsey sold the NFT in March last year, Estavi bought it for a whopping $2.9 mn
NEW DELHI : On 7 April, Malaysia-based crypto entrepreneur Sina Estavi put the non-fungible token (NFT) for the first tweet ever up for auction, hoping it would fetch $48 million. But Estavi was in for a rude awakening.
Late on 13 April, the auction had only seven bidders, with the highest bid at $280. When Twitter co-founder Jack Dorsey sold the NFT in March last year, Estavi bought it for a whopping $2.9 million. At the time of writing, the highest bid on the NFT was 2.2 ETH, which was worth just over $6,800.
“I’m glad this has happened," said Toshendra Sharma, founder of Gurugram-based NFT software-as-a-service platform NFTically. Sharma noted that this is a sign that the NFT and crypto markets are maturing, and only companies that are doing work that deserves any recognition will receive it.
He said valuations of cryptocurrencies and NFTs are often driven by market sentiments, and the fact that Dorsey’s tweet has depreciated so much is a sign that crypto market investors are learning to recognize what is of real value.
To be sure, there are still examples of digital artworks etc. which are making money. For instance, crypto projects Bored Ape Yacht Club and Cryptopunks had 24-hour trading volumes of $33.88 million and $29.89 million, respectively, according to blockchain tracking platform DappRadar.
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The two projects consist of pixel art images, which can be used as profile pictures on various platforms.