The non-fungible token (NFT) market has witnessed a steep decline, as demonstrated by the drastic drop in the value of the first-ever tweet. The owner had hoped to fetch a sum of $49 million from its sale.
The NFT of the first-ever tweet, which was sold by Twitter’s founder, Jack Dorsey, to crypto entrepreneur and investor Sina Estavi, has seen its value plummet from $2.9 million to less than $4.
Two years after its acquisition in March 2021, the perceived value of the same NFT has undergone a significant shift, with the current highest bid standing at a mere $3.77, according to the latest data from OpenSea, one of the world’s largest markets for such assets.
Prices in Freefall Dorsey had auctioned off the tweet as an NFT, a digital asset that resides on the Ethereum blockchain, on March 5 of that year. The tweet was posted by the social network’s founder on March 21, 2006.
At the time of acquisition, Estavi associated the value of the NFT with its uniqueness and its connection to a high-value company like Twitter.
At the time of acquisition, the Iranian investor had plans to sell the NFT for $48 million and donate half of the profits to charity. However, it has since lost almost all its value.
Last Thursday, he announced on Twitter his wish to sell the digital asset and pledged to donate 50% of his profits (which he expected to exceed $25 million) to charitable organizations. The auction closed on Wednesday, with only seven total bids averaging $4. However, in the last few hours, the best bid of all appeared: 0.09 ETH ($277 at the current price).
“The deadline I set had ended, but if I receive a good offer, I might accept it, maybe I’ll never sell it,” Estavi told CoinDesk.
Estavi was directly linked to the crash of his cryptocurrencies Bridge Oracle and CryptoLand in 2021, after being arrested in Iran along with executives from his company.
Written by NFT Express (TW: @nftexpress_en)
