Jack Dorsey’s First-Tweet NFT, Listed at $48 Million, Has Lost 99% Of Its Value
It’s all buying and selling for the sake of buying and selling
When crypto entrepreneur Sina Estavi purchased the NFT of Twitter’s co-founder Jack Dorsey’s first-ever tweet back in March 2021 for a staggering $2.9 million, the world was divided into two groups.
Some pointed to the sale as proof of both the NFT concept and the wider demand. Others couldn’t help but be completely baffled at the absurdity of all of it. I fall into the latter, struggling to process the fact that someone spent $2.9 million on a digital certificate that serves as proof of ownership for a tokenized version of a tweet that says “ just setting up my twttr,” while the tweet itself still lives on Twitter, and the owner of said tweet could delete it, or make further NFTs of it.
Still, the pointlessness of it didn’t appear to bother Estavi. Shortly after winning the auction, he did little to play down his bullishness for the future of the NFT. In an entirely-serious tweet, he wrote, “I think years later people will realize the true value of this tweet, like the Mona Lisa painting.”
Well, just one year later, a different reality has set in.
