Unless you are completely oblivious, you may have seen the term ‘NFT’ get thrown around quite often in the past few months. Non-fungible tokens exploded onto the scene in 2021, and the market was booming, but fast-forward to 2022, and the hype around them has died down significantly.
According to statistics, NFT sales have gone down by 92%, which also means that the prices of NFTs have reduced significantly. This can be seen from the NFT of ex-CEO of Twitter Jack Dorsey’s first tweet.
Crypto expert Sina Estavi bought the digital asset for a staggering $2.9 million last year and recently listed it for sale again at $50 million. He noted that half of the proceeds would be given to charity, and he would use the other half on his blockchain ventures.
Estavi’s attempt to re-sell the NFT fails
To his disappointment, the NFT fetched offers of only $7,000, but the number later climbed to $30,000. Still, the difference between his demand and the offer was huge.
However, the number has dropped again, and this time, the highest bid on the NFT is $29 or 0.0166 ETH.
Estavi is not losing hope in the digital assets market soon, as he has recently offered to buy Elon Musk’s first-ever tweet for $44 million.
Trouble with investors
As he continues to pursue his aim of making cryptocurrency mainstream, Sina was also arrested in Iran for disturbing the ‘economic system.’ His nine months in prison harmed his crypto projects, CryptoLand, and Bridge Oracle.
The price of the BRG token experienced a considerable decrease, and the Irani crypto entrepreneur is currently trying to rectify the situation with holders of the now worthless tokens.
He offered to swap those tokens for a new version of BSG. He wants the BRG holders to verify their holdings, and within a month or two, he will send them new tokens.
However, many investors have their ‘concerns’ about this scheme, as they believe Estavi directly launched the new tokens without working out a repayment plan for the old ones.