SNEAK PEEK
- Jack Dorsey’s first-ever tweet has experienced a staggering 99.93% decline in value since its $2.9 million purchase in 2021.
- Despite hoping to sell it for $48 million, the Spring 2022 auction only attracted a bid of $6,800, signaling a significant depreciation.
- The current top bid is a mere $1,895, leaving many astonished at the collapse in value.
The highly prized NFT of Jack Dorsey’s first-ever tweet has seen a significant depreciation in value since its purchase in 2021. Iranian-born crypto entrepreneur Sina Estavi, who bought the tweet for a staggering $2.9 million, had hoped to sell it for a remarkable $48 million just a year later.
However, the Spring 2022 auction attracted a mere 2.2 ETH bid, equivalent to $6,800, marking an incredible amount of depreciation.
Now, the NFT’s value has plummeted even further, with the top bid standing at 1 ETH, or approximately $1,895. This represents a staggering 99.93% decline from its original purchase price, leaving many astonished at the asset’s collapse.
Despite the disappointing turn of events, Estavi seems to be holding on to the NFT, stating that he is cautious about selling it to just anyone. “It’s important to me who wants to buy it, I will not sell this NFT to anyone because I do not think everyone deserves this NFT,” asserted the crypto entrepreneur.
The NFT market has faced skepticism, with some comparing it to imprudent investments and the fluctuating trends of cryptocurrencies like Bitcoin and Ethereum. While major cryptocurrencies have retained respectable value despite fluctuations, the same cannot be said for NFTs.
Gaming enthusiasts will likely recall the industry’s flirtation with NFTs, with entertainment giant Ubisoft’s Digits NFTs platform reportedly reaping a mere $396.43 in its first two weeks. Implementing NFTs in games did not prove to be worth the effort, as their value failed to impress.
Despite the depreciation, there is a silver lining, as Estavi has pledged to donate 50% of any successful bid to charity, garnering sympathy from many. However, the future of the NFT market remains uncertain, with questions arising about its long-term sustainability and worth.
The fall in value of Jack Dorsey’s historic NFT has left many astounded, with bids far below the initial purchase price. Sina Estavi’s decision to hold onto the NFT, coupled with the gaming industry’s lukewarm response to NFTs, raises intriguing questions about the future of this digital collectible market.
