The first tweet sent out by Twitter founder Jack Dorsey, converted into a Non-fungible token (NFT) is struggling to find buyers now, the BBC reported.
It was only a year ago that the tweet made headlines when it was sold for a then-record price of $2.9 million. Back then, the owner of the NFT had justified his splurging of cryptocurrency by saying this,
This is not just a tweet!— Estavi (@sinaEstavi) March 22, 2021
I think years later people will realize the true value of this tweet, like the Mona Lisa painting https://t.co/vnA5pz3esQ
Are we not there yet?
When Estavi listed the NFT on the marketplace, OpenSea, last week, he was expecting a price of $48 million, Coin Desk reported. Even though Estavi planned to donate half of this amount to a charity, the remaining $24 million would still be a windfall for a collectible he had bought just a year ago.
Instead, what he received was a series of disappointing bids, starting from as little as 0.0019 ETH or just under $6. For a while, the bids received after this was only marginally better but broke the jinx when someone offered 0.0398 ETH or $124 for the NFT. Later, another bid took the price to 0.09 ETH or $280 where it stagnated again with counter bids.
Even if one takes into consideration the highest bid of 2.2 ETH received so far, it still pales in comparison to the amount that Estavi paid for it a year ago.
Has NFT already lost its shine?
When Estavi bought the NFT last year, the concept of the NFT hadn't really caught public attention. It is likely that by moving in early, Estavi was hoping to make large gains just like the Bored Ape Yacht Collection NFTs have been in the past year.
However, in spite of all the buzz that was created with Facebook's pivot to building the metaverse and the role of NFTs and cryptocurrencies in this new digital world, it is becoming harder to keep the general public interested in these changes that might come in the future. Last week, we reported that Google Trends analysis of these search terms shows little interest in these areas which is returning to levels of a year ago.
Guess the NFT is more like a Van Gogh whose worth people will realize much later. But Estavi is hopeful that someone like Elon Musk will grab the NFT at a reasonable multi-million price tag, BBC reported.
The way things are, Musk owns a majority stake in Twitter and doesn't really need memorabilia of someone else's first tweet.