From Millions to Mere Dollars: Jack Dorsey's First Tweet NFT Loses Value by More Than 7000%

Summary: The NFT market decline has hit even high-profile items like Jack Dorsey's first tweet NFT, originally purchased for $2.9 million by Sina Estavi. Efforts to resell the NFT have failed, with the highest offer now just $3.77. The broader crypto market's downturn and decreased NFT activity have contributed to the decline. Even prominent NFT collections like Bored Apes and Crypto Punks have experienced over a 70% decrease in value. Former SEC official John Reed Stark criticizes NFTs as an impractical investment and a pathway to financial disappointment.

NFT's Value Plummets from Millions to Mere Dollars. Sina Estavi's endeavor to sell the NFT representing Jack Dorsey's inaugural tweet has faced challenges as the once-thriving NFT market experiences a downfall.

An NFT Bought for Millions, Now Worth Less Than a Cup of Coffee

In the height of the NFT frenzy in 2021, entrepreneur Sina Estavi gained attention for acquiring Jack Dorsey's maiden tweet NFT for a substantial $2.9 million investment. During that period, the Iranian businessperson tied the NFT's value to its uniqueness and its link to a reputable company such as Twitter. However, over the span of two years, the perceived value of the same NFT has drastically shifted, with the most recent data from OpenSea showing the highest offer at a meager $3.77.

Futile Attempts to Resell Amid Plummeting Market Conditions

Estavi's attempts to resell the NFT since 2022 have proven unsuccessful. He initially listed the digital asset for $48 million, even pledging to donate half of the proceeds to charitable causes.

Yet, his offer of philanthropy didn't inspire significant interest from the community, with bids ranging from as low as $280 to a peak offer of $6,800. This starkly demoralized Estavi, who reportedly expressed hesitance in selling the NFT.

Market Downturn Takes Toll on NFT Sector

As the broader cryptocurrency market experiences a historic downturn, the NFT sector has suffered further inactivity and devaluation. High-profile NFT collections like Bored Apes and Crypto Punks have witnessed their floor prices plummet by more than 70% compared to their peak levels.

Criticism from Former SEC Official

Former SEC enforcement official John Reed Stark vehemently criticizes NFTs, describing them as ill-advised investments that hold negligible worth. Stark, a vocal commentator on the industry, points out the impracticality of fractionalized ownership of NFTs, whether they're linked to images of 'bored apes' or digital renditions of tweets.