In A Potential Sign The NFT Market Is In Trouble, An NFT Once Purchased For $2.9 Million Is Floundering At Auction

In a potential sign that interest in NFTs might be fading away, an NFT purchased for $2.9 million in 2021 went back to auction last week, where it received a bid of a mere $280 in ETH.

In 2021, Sina Estavi purchased an NFT of Twitter co-founder Jack Dorsey's first tweet, which you can look at for free below, thinking the value would skyrocket over the following months. Instead, it received a paltry bid of under $280 in crypto when the story first hit Coindesk. Estavi extended the deadline for the auction and the current top bid is up to 3.3 ETH, or nearly $10,000.

just setting up my twttr

— jack⚡️ (@jack) March 21, 2006

While there have been several viral stories in the past year claiming the NFT bubble is bursting, the methodology behind those claims wasn't exactly air-tight. One story from June of last year claimed the bubble was bursting because it compared the then-current data on NFTs to a massive outlier day when NFT sales were 90 percent higher than any other day. Another from March of this year claimed interest was waning because fewer people were googling the letters "NFT."

The current apparent "value" of Jack Dorsey's first tweet compared to last year is reportedly a more damning sign the market could be in trouble. What was once a multi-million dollar investment that Estavi expected to fetch $50 million in last week's auction is currently at risk of returning a mere 0.3 percent of what Estavi paid for it. However, Estavi can elect not to accept the winning bid should he not find it satisfactory.

"The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it," Estavi told Coindesk yesterday. He may want to wait and see if the NFT market rebounds, as at the moment, he has $2.9 million invested into a tweet everyone can see with no strong bidders coming for it.