Why the NFT of Jack Dorsey's first tweet is only worth $29

Why the NFT of Jack Dorsey’s first tweet is only worth $29

The NFT of the first tweet in history is almost worth nothing. More than a year after its creation, the non-fungible token is valued around 30 dollars. Like most NFTs, Jack Dorsey’s tweet suffers from the collapse of the cryptocurrency market.

The non-fungible token (NFT) of the first tweet in history has lost much of its value. As can be seen on OpenSea, one of the most important sales platforms in the sector, the digital work is shunned by investors. The highest bid is 0.0166 Ether (ETH), or approximately $29.

As a reminder, Jack Dorsey, founder of Twitter, sold the NFT of his first tweet in March 2021 for the sum of $2.9 million. The asset was purchased by Sina Estavi, CEO of Bridge Oracle, a cryptocurrency company, after an auction. The buyer then assured that ” people are only going to realize in a few years what the real value of this tweet is, like with the Mona Lisa”.

The NFT market is down

The Iranian entrepreneur, however, decided to put the non-fungible token up for sale last April, only a year after the purchase. He fixed the starting price of the auction at $48 millionobviously hoping to generate significant profits.

Unfortunately for Sina Estavi, buyers didn’t scramble to get their hands on the tweet. Bidding quickly stabilized at a hundred dollars, far from the purchase price. Questioned by CoinDesk, Sina Estavi specifies that he will not sell his property at all costs: “the deadline I set is over, but if I get a good offer I might take it, I might never sell it”.

The NFT of the first tweet suffers from the decline in the overall market for digital works certified on the blockchain. In recent weeks, the most popular collections in the ecosystem, such as Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC), have seen a sharp drop in transactions.

The NFT industry is simply reacting to the decline of the cryptocurrency market. Since early May, most digital currencies have been in the red. The collapse of Terra’s UST stablecoin has precipitated the ecosystem into a new bearish phase. Bitcoin is currently struggling around $30,000, far from the highs recorded last year. For its part, Ether fell back below the 2000 dollar mark.

Deprived of some of their cash, buyers are losing interest in the NFT market, despite the profusion of new collections. In this sluggish market, highly valued non-fungible tokens depreciate rapidly. This is particularly the case of the 10,000 NFTs which represent the table The kiss by Gustav Klimt (1862-1918). Put on sale around 1850 euros, they are now trading under 300 euros.

Despite the decline, Marketsandmarkets expects the NFT market to keep growing in the years to come. In a study, analysts estimate that the blockchain digital works sector will represent 13.6 billion dollars in 2027.

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