NFT: The price of the first tweet collapses like Bitcoin and loses several million euros

News hardware NFT: The price of the first tweet collapses like Bitcoin and loses several million euros

After an unsuccessful auction, the tweet bought several million a year ago, struggling to receive decent offers.

The first tweet in NFT

In 2021, at the start of NFT’s trend, Twitter creator Jack Dorsey held an auction for the first Tweet he posted on the social network.

A sale that ended with an offer of 2.7 million euros…

At that price, the buyer received not just a tweet screenshot, but digital proof that they own the virtual item. As a bonus, an autographed digital certificate on the blockchain containing all the metadata of the Tweet.

Indeed, before being expensive jpegs, non-fungible tokens are a technology that makes it possible to attest to the ownership of an “Object” on the Web.

The failure of the first sale

The “happy” holder of the tweet is Sina Estavi a crypto entrepreneur residing in Malaysia.

Not a little proud of his acquisition, the owner posts on his Opensea account (NFT resale platform) “Holder of the first tweet in the world”.

He also told the BBC that his NFT was: “a piece of human history, in digital form”, “Who knows how much this tweet will be worth in 50 years? »

However, he did not want to remain the owner of the first tweet for very long since it organized an auction in April 2022.

The entrepreneur wanted to make 45 million euros, but nothing went as planned…

Sure enough, his NFT’s resale auction ended in failure and owner Sina Estavi received a maximum bid of 2 ether or €5,000 during the time….

At current Ethereum prices the biggest offer is €2,000…

The Malaysian entrepreneur preferred to keep his NFT, which he also compares to the Mona Lisa of Web3, and not accept the offer which would have caused him to lose several million euros on his investment.

A wake-up call for those who buy anything and everything in NFT… Although the potential of the technology is very innovative, it, like most emerging technologies, is too often exploited for speculative purposes.

Sina Estavi has time to meditate and lower his price expectations since the market is not in top form…

The NFT waiting for a buyer

The cryptocurrency crash has caused significant damage to the entire NFT market.

Because of this, non-fungible tokens rack up a double jeopardy as their Ethereum price plummets and the crypto price also continues its decline.

For exemple :

A Bored Ape cost approximately 140eth or €350,000 last April. Today, the cheapest costs 89eth or €91,000.

This significant drop in NFTs is synonymous with a loss of enthusiasm and leads to low volume. Consequently, users are deserting the platforms and this lack of activity is reflected in the offers made to NFTs.

In this context, the Sina Estavi regularly has maximum offers equivalent to restaurant bills, around 20 €…

Nevertheless, a user decided to save the furniture yesterday by offering €1,000 to the owner of the tweet… Will the owner give in?

Leave a Comment