Sina Estiva, an Iranian-born crypto entrepreneur, paid $2.9 million for a Non-Fungible Token of Twitter founder Jack Dorsey's first-ever tweet in March 2022. (1630.6ETH). Today, the Twitter post could fetch less than $97.
Dorsey first sold the so-called genesis tweet, which reads "just setting up my twttr," to Estavi in an auction after beating Tron founder Justin Sun's bid of $2,000,000 for the piece. Following his purchase, Estavi posted on Twitter that he intended to sell it and promised to donate half of the proceeds (approximately $25 million) to charity.
Unfortunately, the piece's price flopped. The NFT received only seven offerings at the end of the first auction in early April, with the highest bid being $0.09ETH, which was approximately $277 at the time. Furthermore, despite the fact that the cryptocurrency market has taken a toll on NFTs, Estavi's piece has been boosted by nominal bids. As of September 16, the highest bid was 0.075ETH ($96.49).
Despite multiple offers, Estavi refuses to sell the rare collectible. Previously, he stated that he'd accept a great deal or "might never sell it." Collectors appear to have lost curiosity in the unique piece, as evidenced by the long gaps among offers. While some blame Estavi for bad timing and setting such an impractically high price for the piece, he isn't the only one who has struggled with the significant price decline.
Snoop Dogg, one of several celebs who publicly "aped in" during the 2021 hype, acquired an NFT nicknamed "Right Click and Save As Guy" in December for around $7 million (1600ETH). Following Ethereum's drop, the same asset would now sell for about $2.08 million.
In January 2022, Justin Singer, a pop singer, paid $1,301,550 (500ETH) for a Bored Ape Yacht Club (BAYC) #3001. If sold today, the piece would cost the singer more than half of its original value.
NFTs volumes have also fallen as Ethereum has dropped roughly 70% since November 2021. According to Alchemy, a cryptocurrency data provider, NFT marketplace action had fallen by nearly 90% by the end of Q3. NFT developer activity has remained strong in tandem with the overall growth of the crypto ecosystem.
However, given that most NFTs drew their high price tags due to hype, it will be challenging to determine whether they will regain their lost glory or sell at such high costs again.
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