On October 14, WSBChairman tweeted that the first tweet ever sold as NFT in March last year for $2.9 million recently received a $97 bid. In just one year, there has been a staggering drop of 99% in valuation.
In March 2021, the first tweet ever sold as an NFT for $2.9 million.
The most recent bid is $97. pic.twitter.com/s8VdBApOao
— Chairman (@WSBChairman) October 14, 2022
At the time of the original purchase, there was a rush of demand in the market, making it one of the priciest transactions of an NFT. Taking a look at the enormous percentage drop in the worth of the most costly NFT, the buyer, Sina Estavi, has been confronted with some of the drawbacks of cryptocurrency, a fast-changing market, and volatility. NFT’s valuation lacks assurance, and there is no limit to the number of scams, copycats, and price manipulation going on in the market.
Sina Estavi hailed the NFT as “historically significant.” He went on to say that the valuation was justified and that he couldn’t sell it to just anyone. Putting it up for resale on OpenSea did not generate the excitement he had hoped for, with none of the bids reaching the $48 million valuation.
The NFT has been under fire for not having any practical use on any blockchain platforms, with many critics pointing out that it is only a screenshot rather than a digital representation of the original tweet.
The buzz around NFT has significantly decreased as compared to last year. Estavi’s example demonstrates how people are becoming more decisive in their actions concerning market trends. However, NFT is becoming more and more popular every day. Compared to millions a year ago, trading volume has risen to billions.
Nevertheless, Estavi has decided that the proceeds from the sale of the most expensive NFT will go to charity even though he is insistent that he won’t accept less than his initial asking price.
