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- 1 Jack Dorsey’s First tweet is devalued over time making a significant fall in its price.
- 2 Sina Estavi purchased his tweet NFT at $2.9 Million in 2021.
Jack Dorsey’s first tweet NFT has gradually sunken its price in the plunging world of NFTs. Although NFT marketplaces are blooming with old and new collections, there always lies an unpredictability in the market. Sina Estavis bought the tweeted NFT in March 2021 at a whopping $2.9 Million. Later in April 2022, he tried to sell it for $48 Million but his luck failed. Now the price of this NFT is merely $4 in the marketplace.
Despite making sincere efforts Sina Estavi was unable to make a sale. He even declared that half of his proceedings will be given to charity. But, this also has gained no traction in the attempts made to sell the NFT.
Details on Jack Dorsey First Tweet NFT
The co-founder and former CEO of Twitter, Jack Dorsey had the first tweet turned NFT on May 21, 2006. The highest bid received was $280 Million. The current owner, Estavi put it for auction at $48 Million. He also wanted to donate half of the amount to the GiveDirectly charity. He received not-so-good offers and had 2 days of time to make certain decisions otherwise the bid would expire. Thus, he is now holding the NFT and might never sell it due to its declined prices.
Sina Estavi, Iranian investor and current holder of NFT is the owner of Bridge Oracle was once arrested in Iran due to the charges of disrupting the economic system. The arrest was made when Bridge Oracle was halfway through launching Bridge Oracle tokens (BRG). The tokens were originally on the Tron Blockchain.
John Reed Stark, a Security of Exchange and Commission (SEC) official had some harsh criticism of Jack Dorsey’s first NFT Tweet. He referred to him as NFT emperor saying that he has no clothes and this clearly shows that Jack Dorsey’s first tweet NFT is worthless which eliminates the surprise element. He further tweeted that NFT should be decentralized, in most cases there is no cryptographic relation between the image that NFT points to and its token token. It can be changed or replaced if people have access to servers simply by changing the file names.
After a boom in the NFT marketplace in 2021, the NFT industry suffered many declines in valuation and activities. The sale of digital collectibles has dramatically dropped. Bored Ape Yacht Club (BAYC) NFT holder Justin Bieber purchased the NFT in January 2021. The price of the NFT shows a substantial fall since then. In 2022 it had a paper loss of around 1.24 Million.
Summary
Jack Dorsey Tweet NFT has shown a steep fall in price. The NFT marketplace shows unpredictability and volatility. One should be cautious before investing in NFT. It may give profits but can also result in devaluation. Thorough research is advisable. The NFT marketplace continues to evolve and those NFT that serve the needs will never plunge. So always consider utility as an important factor along with some other factors.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
