- Jack Dorsey sold his First Tweet NFT for $2.9 Million in 2021.
- Latest biddings are not even close to this amount.
- The NFT sector saw its highest trading volume in January 2022.
NFT Craze has Went Down This Year
Since non-fungible sector’s nosedive after reaching its all-time high in January 2022, collections and NFT arts have struggled to attract any significant activity in the market. Where tokens were valued at millions, the same assets are getting a bid equalling a couple hundred bucks. Jack Dorsey’s First Tweet NFT got even the worst bid. Someone offered $97 for the post.
Twitter co-founder’s first tweet was sold for $2.9 Million in March 2021. The same year the NFT sector surfed tsunamis in the market. As the market plunged, it took values of multiple collections down with it. Dorsey’s NFT got a bid for $280 after the owner put the tweet for $48 Million on the table. Now the condition has gone worse, and it’s down less than a hundred bucks.
The NFT sector holds a lot of potential for the artists. Beeple’s Everyday art was purchased for $69 Million in 2021 during Christie’s auction. Second highest sale goes to Julian Assange and Pak’s Clock NFT ($52.7 Million) followed by Beeple’s Human One ($28.9 Million), CryptoPunk #5822 (23.7 Million) and more.
According to the latest data, NFT space is down by almost all the metrics. The space has fallen over 99% since its January 2022 peak. It appears like crypto winter will not show any mercy to the market. Though latest developments in the metaverse sector may help the market rise in future.
BAYC remains the most admired NFT collection to this date and Otherside’s full version may boost the collection’s floor value to go up. Bored Apes experienced a 13% increase in their trade volume during the past 24 hours with the floor price of $103.49K at the time of publication.
Otherdeeds, Otherside’s virtua land plots, gained a significant increase of 82.7% in a day to reach $384K in sales volume. Other collections including Cryptopunks, Azuki, Mutant Ape Yacht Club saw a plunge in the trade. This indicates that ecosystems focusing on their development are getting visible results in the market.
NFTs are considered as artistic tokens on the blockchains. Unlike any cryptocurrency, people cannot exchange them with each other. They had to pay a certain amount in digital assets to acquire it. Web3 and Metaverse enthusiasts think that non-fungible tokens will play a major role in the digital space. From a metaverse avatar skin to a virtual land, users can create a non-fungible token out of anything.
Source: https://www.thecoinrepublic.com/2022/10/17/jack-dorseys-first-tweet-nft-has-lost-its-value/