They wanted easily replicable digital goods to have the same value as a physical object… but the speculative bargain of NFTs did not go away.
if you want to buy the NFT of the first tweet in history, possibly you can afford it. The CEO of a Malaysian cryptocurrency company, Sina Estavi, paid for it $2.9 million (2.62 million euros), and right now the highest bid is at $1,871 (1,690 euros)
It is difficult to assess NFTs with two years of perspective. Something that made no sense swept away in 2021, and now that it has lost almost all its value… You wonder what went through people’s heads to pay millions and millions of dollars for what was a JPG file of memes and drawings generated by computer, without artistic value.
Ironically, on the day that Elon Musk has killed the blue bird and the Twitter brandreplaced by the bland, boring and uncharismatic X, someone is trying to sell the NFT of the first tweet in history. Is this:
It was written by Twitter founder Jack Dorsey on March 21, 2006. It reads “Just setting up my Twitter.”
Dorsey himself, clever as himself, turned it into an NFT in 2021 and auctioned it off. Sina Estavi, the CEO of Bridge Oracle, a crypto company, paid 2.6 million euros for him
Estevi tried to auction it off in 2022I lose the incredible amount of €43 million. He only offered him 6,000 euros ..
The evils of NFTs
This example serves perfectly to illustrate the wild and meaningless speculation that NFTs reached in its glory year: Just one year after paying 2.6 million euros, he already wanted to sell it for 43 million. What’s the point?
Sina Estavi tried again at OpenSea a few months later, for the same amount, but they only offered him 280 euros.
Now, a year later, when the NFTs are almost gone, auctions again for the third time the NFT of the first tweet. For now the maximum bid barely reaches €1,700. according to techspot.
Something similar happened a few months ago with Boring Ape NFT why the singer Justin Bieber paid $1.2 million. He was only offered $69,000.
Can we leave NFTs for dead? Of course not. They said something similar about cryptocurrencies, and there they are, going up. But the current NFT market is in tatters, as evidenced by the fact that Only offer 1,600 euros for the NFT of the first tweet in historyfor which they were paid 2.6 million.
