The stagnation in the crypto markets continues. While NFTs, which became popular at the end of last year, were sold at auctions for thousands or even hundreds of thousands of dollars, the situation is much different today.
Last March, twitter The NFT of the first tweet that founder Jack Dorsey had posted on the site had found buyers at an astronomical figure. Iranian crypto entrepreneur Sina Estiva said that Dorsey’s tweet NFT He acquired the state by paying an exorbitant amount of $2.9 million.
Sina Estiva has announced that it will donate 25% of the revenue it will generate to charities by putting the NFT it purchased back to auction later. But the famous NFT, which was once cut into millions, today costs no more than a few tens of dollars.
The final bid for the digital artwork displayed on the OpenSea platform was only $132. Ethereum based offer is 0.1 ETH.
Estavi does not intend to sell NFT until market conditions improve. Many famous names that entered the market in the NFT frenzy last year lost.
Popular singer Snoop Dogg bought an NFT in December 2021 for $7 million. But today, NFT’s estimated value is around $2 million.
NFT industry’s leading blockchain network Ethereum, has lost 70% of its value since November 2021. NFT volumes fell by as much as 90% as ETH declined.
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