During the heyday of the non-fungible token (NFT) market in 2021, crypto entrepreneur Sina Estavi made headlines when he bought Twitter co-founder Jack Dorsey’s first tweet as an NFT for $2.9 million.
Source: OpenSea
At the time of its purchase, the Iranian investor tied the value of NFT to its uniqueness and its association with a valuable company like Twitter.
Two years later, the perception of the value of the same NFT has changed significantly, with the best offer currently sitting at just $3.77, according to the latest data from OpenSea.
Source: OpenSea
While Estavi has been trying to resell the NFT since 2022, his efforts have been futile as he had listed the digital asset at $48 million. I was fiance donate half of your earnings to charity at that time.
But the offer of a philanthropic gesture did not spur the community towards the NFT, as bids for the asset were as low as $280, while the highest amount offered at the time was $6,800. This greatly discouraged Estavi, who reportedly said that he could never sell the NFT.
Estavi did not respond to CryptoSlate’s request for comment by press time.
With the broader crypto market experiencing a record downturn, the NFT sector has seen a further decline in activity and valuation since then, with digital asset offerings declining sharply. In fact, top tier NFT sets like Bored Apes and Crypto Punks have seen a drop of over 70% in their bottom price compared to their top tiers.
In the opinion of former SEC official John Reek Stark, a fractional link to a JPEG file of a “boring monkey” with funny glasses and a colorful hat, or the NFT of a Tweet, regardless of the author, is not a sound investment, a sensible means of trading, or a prudent path to financial success.
Former SEC compliance officer John Reek Stark described NFT as a terrible investment that is essentially worthless.
“A split link to a JPEG file of a ‘bored monkey’ wearing funny glasses and a colorful hat is not a good investment, a sensible means of commerce, or a prudent path to living the financial dream, and neither is the NFT of a Tweet, no matter who the author is.”
The former SEC official is a vocal critic of cryptocurrencies and frequently comments on the industry on his social media pages.
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