In the past few years, NFTs have become very popular. They have caught the attention of ordinary investors, celebrities, and even some of the biggest brands. Some of these digital assets sell for millions of dollars. Many of them are very expensive.
But not all NFT projects work out as well. Most projects find a lot of people who want to buy them, but some digital assets fail to take off after their first release, and others have trouble selling after that. Come with us as we talk about some notable NFT projects that didn’t do well this year.
Jack Dorsey’s first tweet was “NFT”
The worst NFT of this year was Jack Dorsey’s first tweet. The famous photo was sold for almost $3 million in March 2021, which made a lot of people look twice. The NFT is basically a screenshot of Jack Dorsey’s first tweet, which says, “Just setting up my twttr.” A crypto entrepreneur from Iran named Sina Estavi bought it and called it the “Mona Lisa of the digital world.”
In April of this year, Estavi chose to sell the NFT again. He put the NFT on the market for $48 million and said that half of the money would go to charity. To his disappointment, the highest bid at the end of the auction was $14,000. This was 99 percent less than the starting price. Estavi cancelled the auction and said he might never sell the NFT again.
NFT Ellen DeGeneres
Ellen DeGeneres, a popular talk show host and comedian, put out an NFT collection called “Woman With Stick Cat” in the same month. It was all about a selfie of a TV star with a stick figure drawing of a cat. There were also gold and silver editions of the collection, as well as a video of Ellen DeGeneres talking about her NFT project.
But only five of the ten gold edition NFTs, which were each worth $2,500, sold. Only 64 people paid $100 each for the silver edition, which was also a flop. The most expensive piece in the collection was the video monologue, which sold for $14,555.
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The money made from sales was not very high, especially since anything sold by a celebrity usually goes for a good price. The NFT collection was also advertised by Ellen DeGeneres on her national talk show and to her 79 million Twitter followers. The money made from selling the NFT would also be given to charity, giving investors even more reason to buy it. Even with all of these things, the collection only made $33,455 from sales.
Neither Beeple nor Madonna
The “Material Girl” NFT collection was made by the famous NFT artist Beeple and the famous pop star Madonna. It was made of three motion graphic NFTs that showed a woman giving birth to a tree, a centipede, and butterflies. The NFTs were sold for $135,000, $346,000, and $146,000 altogether.
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Even though this may look like a lot of money, Beeple’s collection was a failure given how well it had done in the past. His first NFT, Everydays — The First 5,000 Days, sold for a huge $69 million. This put him in the “top three most valuable living artists” list, according to Christie’s, where the NFT was sold. So, even the total value of the sales, $627,000, isn’t even close to what Beeple made on its first NFT sale.
Conclusion
These losses could mean that the NFT bubble is about to burst. Data from DappRadar shows that the number of NFTs being traded has been steadily going down this year. It went from $12 billion in Q1 to $8 billion in Q2 and $2 billion in Q3. These are not good signs for the new NFT business.
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