Is the world of NFTs a bubble? It’s possible. Even more so if you take into account what is happening with the non-fungible token of the first tweet in history.
That’s right, last year, a businessman paid $2.9 million for the first post on Twitter. A post by Jack Dorsey that was offered for sale at auction in the form of an NFT.
This is the crypto enthusiast Sina Estavi, who paid that monumental figure in one of the auctions that took place in full swing of non-fungible tokens.
For example, a few days earlier, another NFT had been sold for almost $7 million. This is a digital work of art.
The problem is that now the NFT seems to have devalued. And a lot.
Estavi put the non-fungible token up for sale in a new auction and, so far, the best offer he received was $6,800.
That’s how it is less than 0.25 percent of what you invested.
According to The Guardian, Estavi published on the Open Sea platform the NFT of the first tweet in history and initially asked for US$48 million.
However, so far, the best offer was 2.2 ether, which is equivalent to about US$6,700 according to the current price.
A non-fungible tokens are certificates of ownership of unique digital items.
With this form of commercialization, everything from videos and memes to works of digital-art, software codes and virtual collector’s items have been auctioned.
Whoever buys an NFT becomes the owner of the content.
The operation is done with the block chain parameter and is carried out with cryptocurrencies, in general, Ether, the native token of the ethereum network.
While NFTs are not new to the crypto world, their use (and price) grew exponentially in the past year.
So much so that the Collins dictionary chose to the term “NFT” as one of the “words of 2021”.
When Estavi acquired the first tweet in history, he said he wasn’t sure if he was ever going to sell it.
He also said that it was important to him who bought it. “I don’t think anyone deserves it,” explained the Malaysian-born businessman.
He added: “This non-fungible token is not just a tweet, this is the Mona Lisa of the digital world.”
The auction of that first tweet in history was carried out by Jack Dorsey, one of the co-founders of the social network, when he was still the executive director of the network.
In his first tweet, Dorsey wrote: “Just giving Twitter a try.”
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