• Twitter’s The 140 Collection NFT generates over $5 million in transactions

  • Twitter’s first collection of non-forgeable tokens (NFTs) generated 1,700 ETH, or $5.3 million in trading volume, on OpenSea, the NFT marketplace.

    According to OpenSea, the floor price of Twitter’s NFT offering is currently 90 ETH, worth about $281,000 at the time of writing.

    Twitter’s NFT giveaway, “The 140 Collection,” which was minted and released by Twitter on June 30, has a total trading volume of 1,700 ETH on NFT marketplace OpenSea, or $5.3 million at the time of this writing. While this is far below NFT projects like Axie Infinity and CryptoPunks, it is a considerable amount of trading for just 140 NFTs.

    NFTs, or unforgeable tokens, are blockchain-based tokens that can represent any type of file, from images to videos. All of the tokens in Twitter’s collection of 140 NFTs are short GIFs that are associated with the social media platform in different ways, including animations and characters that interact with some aspect of the platform’s brand. The collection comes in seven different designs, with 20 tokens for each variation.

    Twitter handpicked 140 users who responded to its main tweet announcing the giveaway. Shortly after, the winners got together and formed an organization with the goal of getting the most value out of their new digital assets.

    The founder of the 140 Collection organization, whose name is Geo, was one of those 140 winners. He started the group just hours after the giveaway ended after seeing several winners sell their Twitter-issued NFTs for significantly less than he thought they were worth.Geo says the group now has 70 members and continues to grow.

    “We’ve seen a dramatic drop in the number of holders of Twitter NFTs, with people completing the full set of designs (buy one of each of the seven designs). The fewer people holding NFTs, the better, and with only 140 available, it’s easier to shake out the weak hands,” he told us.

    Since the organization began, the floor price of these NFTs – the lowest price currently available for purchase – has risen to 90 ETH ($281,000), according to OpenSea. despite recent sales ranging from 42 to 69 ETH ($131,500 to $216,000).

    “When you give 140 random people something of value, there’s no way to tell who’s going to hold it for its true value in the first place,” he said.” That’s what you’re seeing now.”

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