An NFT of Twitter co-founder Jack Dorsey’s first tweet has lost almost all of its $2.9 million value. By Mike Winters.
Jack Dorsey’s first-ever tweet, which sold as an NFT, or nonfungible token, last year for over $2.9 million, is now only worth thousands of dollars.
In March 2021, Jack Dorsey, then-CEO of Twitter, auctioned his first tweet as an NFT on the “Valuables” platform run by Cent, a blockchain-powered social media network.
The 15 year-old anodyne tweet — “just setting up my twttr” — was purchased by crypto entrepreneur Sina Estavi for 1,630.58 ether, which was worth an estimated $2.9 million at that time.
Last Wednesday, Estavi announced on Twitter that he was selling the NFT on OpenSea, a NFT trading platform, and planning to donate 50% of its proceeds to charity. However, as of the time this story was published, the highest bid for the tweet was worth $9,968. …
21st century tulips?
NFTs are cryptographic tokens of digital media sold by artists, musicians, celebrities, sports entities and others that can be traded or sold on a decentralized network of computers around the world. … Trading in nonfungible tokens totaled $17.6 billion last year, an increase of 21,000% from 2020, according to a report from NFT data company Nonfungible.com.