In determining the value of any asset, including NFTs, price is arguably the arbiter of truth. What, then, to make of an NFT of Jack Dorsey’s first tweet receiving a highest bid at just a fraction of its asking price?
‘Like the Mona Lisa’
Controversial entrepreneur Sina Estavi purchased Jack Dorsey’s first tweet (below) as an NFT in March 2021 for US$2.9 million. At the time, Estavi defiantly told naysayers:
Last Thursday, he then announced on Twitter that he wished to sell the NFT, and pledged 50 percent of its proceeds (which he thought would exceed US$25 million) to charity:
Dorsey, who since resigning from Twitter has been far more inclined to express what he really thinks, tweeted:
The auction closed April 13, with just seven total offers ranging from 0.09 ETH (US$277 at current prices) to 0.0019 ETH (almost $6). After opening the auction up again, at the time of writing bids on OpenSea had risen to US$10,882.40. Still, not quite the return on investment expected.
NFT Market Losing Steam
Last year, NFT was the word of the year, but this year the smart money may be more inclined to short it.
In 2021, brands could casually ride the NFT trend with success, but those late to the party, such as Liverpool Football Club, have encountered firm market resistance. As reported by Crypto News Australia last week, only 6 percent of the “LFC Heroes Club” NFT collection sold, making it one of the more spectacular failures in recent memory.
In the reality television series Survivor, host Jeff Probst utters the immortal words “the tribe has spoken” as castaways are voted off the island. In the context of Dorsey’s tweet, perhaps another tribe has spoken, so to speak.
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