Twitter Launches NFT Collection Despite Dying Hype

1 July 2021 | Updated: 1 July 2021

Twitter has joined the non-fungible token (NFT) train and has dropped an NFT collection despite the recent drop in the hype around the industry. The social media giant announced yesterday that it created 140 NFTs, which would get freely distributed to 140 users.

While these tokens are free, seven of them have gotten listed on Rarible, an Ethereum-based platform, with a “not for sale” disclaimer attached. At press time, the bidding price for the listed tokens stands at 1 mETH.

The newly created Twitter digital arts include Reply Guy (the faceless man behind the mansplaining), Vitamin T (Vitamin Twitter), Furry Twitter, twttr jggl, Rare Form, Building Characters, and First Born.

Speaking on the development, Cinneamhain Ventures partner Adam Cochran stated that it “looks like Twitter finally noticed some unique ETH value,” adding that Jack Dorsey “is slowly going to migrate to being a crypto maxi in general.”

Of recent, Dorsey has shown significant interest in the cryptocurrency industry and has touted leaving Square, his payments company, and Twitter for Bitcoin if the need be.

Twitter NFT Collection Release Could Boost NFT Interest Again

Twitter’s move to launch its free NFT collection comes when the hype surrounding the NFT debut in the crypto space weakens. However, the craze could get renewed soon, and some of the Twitter NFTs could sell for large sums, just like before.

Between the ending of 2020 and April 2021, the NFT sector pooled massive investments, with Beeple selling one of the most expensive NFTs yet at a whopping $69 million. As the frenzy intensified, several prominent figures and celebrities have jumped on the bandwagon to launch their collections or advise NFT-related projects.

The boom of the NFT sector has caused many to question the stability of the sector as some compare it with the old ICO days. That said, reports show that the NFT hype has peaked and that it surpassed that of the ICO boom in 2017 and 2018.

 

You can purchase crypto coins here: Buy Tokens

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.