During the pandemic period, amidst the rise in the cryptocurrency sector, one of the most widely discussed topics became NFTs (non-fungible tokens), which are unique tokens. Twitter's founder Jack Dorsey's first tweet, auctioned digitally in 2021, was sold for $2.9 million. However, NFTs were also affected by the prolonged decline in the cryptocurrency market, and today, according to OpenSea data, the market value of this tweet has fallen below $3. Iranian entrepreneur Sina Estavi, after purchasing the NFT, had announced selling it for $48 million and donating half of that amount. However, at this point, the mentioned NFT has lost almost all of its value. Analysts assessing the latest state of the market are unanimous in their belief that NFTs will experience a resurgence.
Will there be a resurgence?
Mathieu France from Artcrush Gallery, a platform bringing artists and collectors together in the digital art realm, expressed in his evaluation, "I believe that NFTs will experience a resurgence. Because rarity was their initial purpose. As technology becomes more accessible, the adoption of NFTs will increase. Furthermore, possessing digital products is perceived as a normal state for the younger generation. Hence, their usage will also rise."
It has fallen by over 70%.
The latest bid on Jack Dorsey's tweet on OpenSea was $2.77. According to Mathieu France, there are other examples whose value has significantly dropped. "In ancient years, people believed tulips were as valuable as gold. However, they later realized they weren't that valuable, and their worth plummeted. I pay attention to the cultural significance and rarity of a digital product," said France, mentioning that without these two elements, a strong value cannot be established. The Bored Apes and Crypto Punks collections, which hold records in NFTs, have also experienced a drop of over 70%.
