Jack Dorsey's First Tweet NFT Drops from $2.9 Million to Under $5
In 2021, someone purchased Jack Dorsey (co-founder of Twitter) first tweet "Just setting up my twttr" NFT for a high price of $2.9 million.
Now, the NFT's value in the secondary market has plummeted to under $5, a decline of over 99.999%, nearly reaching zero.
The NFT market has rapidly collapsed from its peak frenzy in 2021, with early high-priced collectibles generally depreciating significantly, speculative funds withdrawing, while digital assets with genuine long-term cultural or practical value remain relatively resilient.
Source: Public Information
ABAB AI Insight
The NFT was sold by the Cent platform in March 2021 for $2.9 million, purchased by Malaysian crypto entrepreneur Sina Estavi; after Estavi's failed attempt to resell it for $48 million in 2022, it has since gone unsold multiple times in 2024-2025, with current listing prices on platforms like OpenSea dropping to single-digit dollars.
In terms of capital flow, during the 2021 NFT boom, a large amount of funds chased assets with "historical significance" concepts, but the lack of sustained practicality and scarcity mechanisms led to rapid liquidity depletion; in contrast, NFTs with actual functions (such as intellectual property, gaming assets, membership credentials) have performed more steadily.
Similar to the significant correction of Beeple's works from a high of $69 million, and the collapse of most Bored Ape Yacht Club floor prices, this event is situated in the mid-to-late stage of the transition from speculative frenzy to practical value reassessment in the NFT market, with most "monumental" NFTs having lost liquidity.
Structural judgment: Essentially, this represents a transfer of pricing power. NFTs are shifting from "scarcity narrative" pricing to "practical value + sustained demand" pricing, where the mechanism is that after speculative funds retreat, the market only pays a premium for assets that can generate real utility or sustained community investment, pushing capital from purely digital collectibles towards functional, revenue-generating digital assets.
ABAB News · Cognitive Law
A monument bought for $29 million is ultimately worth only a cup of coffee.
Narratives can set short-term prices, but long-term pricing power always belongs to real utility.
Whoever turns an asset into a speculative concept buries its long-term value.