The very first tweet of Jack Dorsey, whose non-fungible token (NFT) was sold for $2.9 million to crypto entrepreneur and Iranian investor Sina Estavi in 2021, is reportedly now only worth less than $4. At the time of purchase, Estavi tied the NFT’s value to its uniqueness and its association with a valuable company like Twitter.
Dorsey had put the tweet up for digital auction as an NFT, a digital good that lives on the Ethereum blockchain, on March 5, 2021. The tweet was first posted by Dorsey on March 21, 2006, as per IANS report.
Two years later, the value perception of the same NFT has significantly changed with the best offer currently standing at just $3.77, according to the latest data from OpenSea, one of the world’s largest NFT marketplaces.
At the time of purchase, Estavi had plans to sell the NFT for $48 million and donate half of the proceeds to charity. However, the NFT has since lost almost all of its value.
Meanwhile, an NFT is a one-of-a-kind cryptographic asset that resides on a blockchain and cannot be copied. In reality, however, this definition pales in comparison to what NFTs represent. NFTs are like art. They are a form of expression that is represented digitally, whether it’s music, drawings, characters, videos, etc.
(Edited by : Anshul)
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