'Jack Dorsey's first tweet' NFT went from $2.9M to $1,871

The once-booming NFT market has taken a dramatic dive, as illustrated by the plummeting value of famous tokens such as the first-ever tweet and a prized digital ape. High-profile buyers are seeing massive losses on their initial investments.

Market Downfall: A prominent example of the NFT market crash is the first tweet ever made by Jack Dorsey, which was sold as an NFT for $2.9 million in 2021.

It is now being auctioned with the highest bid currently at $1,895, a stark contrast to its previous value.

The NFT was bought by Sina Estavi, CEO of Malaysia-based crypto firm Bridge Oracle.

Despite attempts to sell the NFT for as much as $48 million, Estavi has been unable to recoup his investment.

Other Major Losses: Another notable instance is Justin Bieber's Bored Ape NFT.

The singer bought it for $1.2 million in 2022, but its current valuation is only around $59,000.

High-profile tokens like these represent the broad market trends and significant value loss in the NFT market.

NFT Market History: NFTs gained massive popularity in 2021.

There were high-profile sales, like a set of 10,000 Bored Ape Yacht Club NFTs going for $24.4 million, and a digital art collage by Mike Winkelmann, aka Beeple, selling for $69 million.

Celebrities like Jimmy Fallon were promoting them, although some faced lawsuits over their actions.

Crypto Market Crash: The NFT market experienced a significant downturn in 2022.

The crypto coins TerraUSD and Luna crashed in May, erasing nearly $1 trillion from the crypto markets.

This market shock was followed by the implosion of crypto exchange FTX, leading to more legal action.

Since the crash, many companies, including Ubisoft and Sega, have abandoned their NFT ventures, further evidencing the market's decline.