It’s 2021, and the news is buzzing with excitement about Jack Dorsey’s first-ever tweet being sold as an NFT for a whopping $2.9 million. You could practically hear the cash registers cha-chinging as NFT sales soared to an eye-popping $24.9 billion_ – everyone and their grandma seemed to be going NFT-crazy!
Jack Dorsey’s first tweet made headlines in 2021 when entrepreneur Sina Estavi bought it for $2.9 million. He saw dollar signs in those 140 characters and scooped it by tying the value to its uniqueness and the fact that it came from the big boss of a social media empire. Smart move, right?
3 years ago back then, NFT sales volume had skyrocketed to $24.9 billion and the industry was overly bullish on non-fungible tokens. According to Estavi, he tied the value of the Dorsey Tweet to its uniqueness and association with the founder of a large social media corporation.
Fast-forward 2-years later, the value of that tweet has changed drastically with the latest bid on OpenSea being $3.77. Describing the NFT as the digital world’s Monalisa art, Estavi placed the tweet for resale last year at an asking price of $48. According to the Guardian, the best offer he received in 2022 was only $6,800 worth of Ether.
While announcing the 2022 asking price through a tweet, Estavi said he would donate 50% of the proceeds to charity. Unfortunately, this philanthropic bid did not take off, and the community only responded with a slightly higher than half-a-million dollars offer.
Ever since he bought the tweet, the overall cryptocurrency market experienced a downturn, with the non-fungible tokens market recording even steeper declines. Bids and offers have drastically dropped on OpenSea, the leading NFTs marketplace. The largest collections like Crypto Punks and Bored Apes have undergone a 70% decline compared to their 2021 peak levels.
Mubashir Ahmed is a multifaceted market analyst with extensive knowledge of the blockchain industry. He is proficient in market analysis and blockchain technology, having had experience with numerous projects in the space. He has a deep understanding of the Cryptocurrency industry, its trends, and how to best approach investing in it.
