Source: blockchain.news
according to a recent tweet From the self-proclaimed president of Wall Street Bet, a Reddit subgroup known for finance-related discussions, the first tweet is now worth as little as $97. This loss corresponds to a loss of 99.996% from the moment of its auction.
At the height of the non-fungible token (NFT) storm in 2021, jack dorsey he made history in the ecosystem when his first tweet was auctioned off for $2.9 million, a fund he donated to an African charity.
The transaction was celebrated by many in the ecosystem, who acknowledged buyer Sina Estavi’s understanding of the importance of NFTs and the technology backing it up While Estavi, a crypto entrepreneur who owns Bridge Oracle, boasts that he owns the world’s first tweet, the monetary value of an investment that is considered better than real estate is far from encouraging.
Although the figure represents the best offer presented to Sina by the tweet, this does not imply that the owner has to accept the sale and lose so much money. For what it’s worth, Sina Estavi didn’t necessarily buy the tweet so she could sell it; if this was his motive, then his expectations must have been frustrated by present realities.
The broader digital currency ecosystem has taken a nosedive in recent times, going from more than $2.9 trillion in the fourth quarter of last year to less than $900 billion at some points this year. This drop in valuation has notably trickled down even to the NFT ecosystem.
While many crypto advocates consider the massive valuation of digital currencies at the time to be a reflection of massive money laundering activities. Based on these assumptions, most regulators have now begun to explore avenues to enforce functional regulations in the world of NFT and other areas of the broader blockchain industry.
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