Why an NFT auction of the first tweet flopped

Sina Estavi garnered international attention last March when he bought a nonfungible token of the first-ever Tweet. He paid almost $3 million for the NFT, held it for more than a year, then placed it for sale on a popular NFT auction site earlier this month.

Estavi started the bidding on OpenSea at $48 million, but after nine days, no bid has reached even a fraction of that figure. The highest bid as of Friday was 4.2 ether, or roughly $12,600.

The auction's flop is a sign the NFT market is starting to cool off, one blockchain expert told CBS MoneyWatch.