With the rise of cryptocurrencies, and the exponential increase in their value, another concept began to gain popularity among investors: cryptocurrencies. NFT. Acronym for Non-Fungible Token, these use the blockchain technology of cryptocurrencies to create unique goods (usually images) that have a unique value and that have a unique certificate of authenticity. In a very short time, these NFTs have moved immense amounts of money when anyone wants to take ownership of, for example, a photograph. But what has happened to them?
When the cryptocurrency market was more alive than ever, Jack Dorsey, co-founder of Twitter, had the idea of putting his first tweet up for sale. Tweet that, taking into account its URL, has been number 20 since the launch of the social network. Of course, there were many bids as everyone thought that, in a short time, its value would skyrocket.
just setting up my twttr
— jack (@jack) Mar. 21, 2006
Finally, the highest bid was that of a certain Sina Estavi, who offered 1630 ETH in exchange for ownership of the tweet. In common currency, ownership of this message on the social network was sold for $2.91 million. Almost nothing.
Shortly after making the purchase, the cryptocurrency market began to cool down. And NFTs, of course, too. People have realized that paying thousands or millions of dollars for a photo that you can simply plagiarize with a screenshot, in the end falls apart on all sides. Of course, the buyer of the tweet put it up for sale to recoup the investment (and, if possible, make some money). But it seems that things have not turned out as he expected.
The NFT in the tweet is worth “nothing”
The only offers that have reached this user to buy this historical message on the social network barely reach 0.25 ETH. Which in exchange would be about 400 dollars. From 2.91 million dollars to 400 dollars, the loss is more than clear. And it is that, even in the best times of NFTs and cryptocurrencies, the maximum offer has barely exceeded 6,000 dollars.
This investor has reiterated in several interviews that this tweet is on a par with other works of art, such as the Mona Lisa. Probably to try to fool other investors to get hold of him and get rid of that burden. Luckily (for the others), he has not been successful.
Both Bitcoin and Ethereum, like all other cryptocurrencies, have had all kinds of ups and downs since their birth. And right now is not one of the best times to get into this market. NFTs, of course, were not going to get rid of these problems by being directly tied to cryptocurrencies. And, in addition, his bump is even bigger. It is possible that in the future, in the medium or long term, both cryptos and NFTs will turn red hot again. But for now, it’s best to leave that “mona lisa” hanging on a wall where no one can see its shame.