Is the Non-Fungible Token (NFT) Honeymoon Over?
As far as the crypto-world is concerned, non-fungible tokens (NFTs) were all the rage in 2021, with pixelated art selling for millions of dollars in many cases. Indeed the trend seems to have carried into 2022 with a MoonBird NFT selling for around $1 million in April 2022. In case you are wondering why some NFTs cost $1 million or more, please refer to this excellent piece by Bonnie Krypto, ‘I finally understood why some NFTs are worth millions of dollars …’
Of course, pixelated images are not the only NFTs selling for $1 million+. In March 2021, Jack Dorsey, CEO of Twitter and Square, sold his first tweet as an NFT for over $2.9 million on the “Valuables” platform run by Cent, a blockchain-powered social media network. Dorsey first tweeted “just setting up my twttr” on March 21, 2006. Now in a little more than one year, things have gone distinctly pear-shaped. Sina Estavi, a crypto entrepreneur, bought this tweet NFT for 1,630.58 ether, about $2.9 million at the time. In April 2022, Estavi announced on Twitter that he would sell the NFT on OpenSea and donate 50% of the proceeds to charity. However…
