Three Of The Biggest NFT Failures Of The Year Are Reviewed
In recent years, NFTs have gained significant popularity. Ordinary individuals, celebrities, and giant corporations are all interested in them. Some of these digital assets command millions of dollars, making the pricing for many of them mind-boggling.
However, not all NFT initiatives are successful. Even though most efforts find willing participants, certain digital assets fail to acquire momentum after their debut, while others have difficulty selling on the secondary market. Join us as we discuss many prominent NFT efforts that failed to meet expectations in 2018.
The first tweet sent by Jack Dorsey, NFT
This year, the worst NFT failure has been Jack Dorsey’s first tweet. Selling the image for around $3 million in March of 2021 raised several questions. The NFT consists of a simple snapshot of Jack Dorsey’s first tweet, “just putting up my twttr.” Iranian coin investor and crypto phile Sina Estavi purchased it and nicknamed it the “Mona Lisa of digital art.”
This past April, Estavi decided to resell the NFT. On the NFT listing, he projected a price of $48 million and said that fifty percent of the proceeds would be donated to charity. However, at the end of the auction, the highest bid was just $14,000. This area was a 99 percent decrease from the initial price. Estavi has canceled the sale and warned that the NFT might never be sold.
“As seen on Ellen DeGeneres’ No Fun Tuesday Woman With Stick Cat” was issued in the same month as Ellen DeGeneres’ NFT collection. It focused on a selfie of the television celebrity clutching a cat stick figure artwork. Both the gold and silver variations of the set contained DeGeneres’ video monologue announcing her NFT initiative.
Even though each of the ten gold-edition NFTs cost $2,500, he bought only five. Sixty-four individuals paid $100 each for the silver version of the NFT. The most popular product was a video monologue that sold for $14,555.Even though renowned people’s items often command a premium price, sales were below expectations. In addition, Ellen DeGeneres tweeted her 79 million followers about the NFT line. Lastly, investors were urged to purchase the NFT because they would donate a percentage of the proceeds to charitable organizations. Despite this, the collection’s sale proceeds were just $33,455.
Beep and Madonna Compensate
The controversial “Material Girl” NFT collection was produced by acclaimed NFT artist Beeple and internationally recognized music diva Madonna. It consisted of three NFTs (motion graphics) depicting a woman giving birth to a tree, a centipede, and butterflies. The selling prices for NFTs were $135,000, $346,000, and $146,000.From Beeple’s history of success, this collection endeavor was a failure despite the outstanding amount. Christie’s, the auction house where his debut NFT, Everydays — The First 5,000 Days, sold for an astounding $69 million, has recognized him as one of the “three most expensive living artists.” Since Beeple’s first NFT had sales of $1 million, the deal’s overall worth of $627,000 seemed small.
According to DappRadar statistics, the daily volume of NFT trading has declined year-over-year. It fell drastically from $12 billion in Q1 to $8 billion in Q2 and $2 billion in Q3. These occurrences are concerning for the fledgling NFT market. These failures indicate that the NFT bubble may soon bust.