• Twitter’s 140 NFTs generate over $5 million in trading volume

  • Twitter’s NFT giveaway, “The 140 Collection,” which was minted and released on June 30, generated a total trading volume of 1,700 ETH ($5.3 million) on NFT marketplace OpenSea. While this is significantly less than NFT projects such as Axie Infinity and CryptoPunks, it is a significant amount of trading volume for only 140 NFTs.

    Non-fungible tokens, also known as NFTs, are blockchain-based tokens that can represent any type of file, from images to videos. In the case of the 140 NFTs from Twitter, all of the tokens are short GIFs that are related to the social media platform in various ways, such as animations and characters interacting with some aspect of the platform’s brand. The collection includes seven different designs, each with 20 tokens available.

    Twitter chose 140 people who responded to the main tweet announcing the giveaway. Soon after, the winners banded together to form an organization to maximize the value of their new digital assets.

    Geo, the founder of the 140 Collection organization, was one of the 140 winners. He founded the group just a few hours after the giveaway, after witnessing several winners sell their Twitter-issued NFTs for far less than what he thought they were worth. According to Geo, the organization now has 70 members and is still growing.

    “We’ve seen a drop in the number of Twitter NFT holders, with people completing full sets (buying one of each of the seven designs). The fewer people holding NFTs, the better, and with only 140 available, shaking out weak hands is easier “He revealed this to us.

    According to OpenSea, the floor price for these NFTs — the current minimum price at which they can be purchased — has risen to 90 ETH ($281,000) since the organization’s inception. Despite the fact that most recent sales range from 42 to 69 ETH ($131,500 to $216,000).

    “When you give 140 random people something of value, there’s no telling who will keep it for its true value at first,” he explained. “That’s what you’re seeing right now.”

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