The world’s first tweet auction suggests the NFT boom may be over.
Cryptocurrency entrepreneur Sina Estavi purchased a 2006 tweet by Twitter founder Jack Dorsey in March 2021 for $2.9 million. He’s currently auctioning it off but the biggest offer to date is a small $6,849. The highest offer to date that Estavi has set is just $277.
The NFT market will explode in popularity in 2021, with users depositing at least $44 billion (£34 billion) worth of crypto as part of contracts related to the NFT market, according to the platform. Chainalysis blockchain data.
The most expensive single transaction was CryptoPunk NFT which sold for $532 million in November 2021.
However, interest in the digital asset seems to have waned in recent months. Data from Google Trends shows that online searches for the term ‘NFT’ have more than halved since January.
Estavi has promised to donate 50% of the auction proceeds on the NFT tweet to charity. In a reply on Twitter, Dorsey asked: “Why not 99%?”
Estavi replied: “I don’t want the rest for me; I want to use the rest to support blockchain projects.”
Sina Estavi is the CEO of the Bridge Oracle software business.