NFT was the buzzword for the last year. Everyone was talking about NFTs like they are the future and people were selling all types of shit from digital copies of Museum antiquities to Farts in Jars. It was a crazy time.
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It was not surprise that some NFT collections sold for millions of US dollars. One such NFT was Twitter's co-founder Jack Dorsey's NFT for his first-ever tweet. Someone bought it for a whopping $2.9 million in March 2021. This man named Sina Estavi was said to be a crypto entrepreneur.
Now after a year, he wanted to sell it and make some profit on his trade. He initially put it up at roughly $48 million for sale on the Opensea platform. But to his surprise, no one came close to the offer.
It is now listed on Opensea.io and the highest bid at the moment of writing this post is just 4.76 ETH which is equivalent to around $14.5K only. Here is the link to the NFT page. In other words, he is losing millions of dollars for this trade. Makes us all wonder if the NFT craze is over and it was just a phase that is now passed.
Did the NFT bubble burst?
Fortune.com reports a week ago in an article
The average sale price of an NFT is now below $2,000, according to market tracker NonFungible. That’s down from over $6,800 in January. Cumulative daily sales have dropped from $160 million in January to $26 million on Thursday. [source]
Not only the cumulative sales like in above case but the primary sales have also plunged to the ground compared to the last year.
All this for me is not surprising at all. NFT did seem like a huge bubble ready to burst. Not that I am against the idea of NFTs but they did seem to have much less value than their prices suggest. Now that we have gone to a better floor level with NFTs it might be a good time to see what's out there.
It will be interesting to see how the NFT market behaves this year. What's your thought about this. Do tell me in the comments below.
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