The highly prized digital artifact, Jack Dorsey’s first-ever tweet sold as a Non-Fungible Token (NFT) in 2021, has once again resurfaced on the market, but it seems its value has taken a dramatic tumble. Iranian-born crypto entrepreneur Sina Estavi, who acquired the NFT for a staggering $2.9 million two years ago, has faced difficulties finding buyers willing to match the lofty price tag.
Mr. Estavi’s ambitious efforts to sell the iconic NFT have been met with disappointment, as the highest bid currently stands at a mere 1 ETH, equivalent to $1,895. This stark contrast to the initial multi-million dollar acquisition price signals a significant depreciation in the NFT’s value.
Initially, Mr. Estavi had grand aspirations of offloading the NFT at an astonishing $48 million, showcasing it multiple times in OpenSea auctions, but it appears the market sentiment has not aligned with his expectations. In the Spring 2022 auction, the best bid received for the NFT was 2.2 ETH, valued at a mere $6,800 at the time, rendering the asset far less valuable than the original purchase price.
Dubbed as “the Mona Lisa of the digital world,” Jack Dorsey’s first tweet holds historical significance as the inaugural message ever posted on Twitter by the platform’s co-founder. However, it appears that the allure of owning such a coveted digital artifact has dwindled over time, and potential buyers have been hesitant to invest in NFTs at exorbitant prices.
The sharp depreciation in the value of this NFT raises questions about the stability and long-term prospects of the NFT market. As with any nascent industry, the NFT space has experienced significant fluctuations, and Mr. Estavi’s struggle to find a buyer at his desired price point reflects the unpredictable nature of digital asset valuations.
Market analysts suggest that the initial hype surrounding NFTs may have subsided, leading to a more cautious approach from investors. While NFTs continue to hold appeal for their uniqueness and provable ownership, the speculative frenzy that once characterized the market has likely cooled off.
It remains to be seen whether Mr. Estavi will eventually succeed in finding a buyer willing to pay his asking price or if he will need to reconsider his valuation strategy for the prized NFT. As the digital collectibles space evolves, both creators and buyers must navigate the fluctuating market dynamics to determine the true value of these digital artifacts. For now, Jack Dorsey’s first tweet NFT serves as a prominent example of how the allure of unique digital assets can wax and wane over time.
Source: Tom’s hardware