Twitter's NFT giveaway, "The 140 Collection," which Twitter minted and released on June 30, has generated 1,700 ETH ($5.3 million) in total trading volume on NFT marketplace OpenSea. While this is far lower than NFT projects like Axie Infinity and CryptoPunks, it's a considerable amount of trading volume for just 140 NFTs.
NFTs, or non-fungible tokens, are blockchain-based tokens that can represent any type of file, from images to videos. In the case of the Twitter collection of 140 NFTs, all of the tokens are short GIFs related to the social media platform in different ways, including animations and characters interacting with some aspect of the platform's brand. The collection features seven different designs with 20 tokens available for each variation.
Twitter handpicked 140 users who responded to its main tweet announcing the giveaway. Shortly after, the winners came together to form an organization with the goal of getting the maximum value out of their new digital assets.
The founder of the 140 Collection organization, who goes by Geo, was one of the 140 winners. He started the group just a few hours after the giveaway after seeing several winners sell their Twitter-issued NFTs for significantly less than what he thought they were worth. The organization now has 70 members and continues to grow, according to Geo.
"We have seen the number of holders for the Twitter NFTs plummet with people completing full sets (buying one of each of the seven designs). The fewer people holding the NFTs, the better, and with only 140 available, it's easier to shake out weak hands," he told The Block.
Since the organization began, the floor price for these NFTs — the current minimum price that they are available for purchasing — has risen to 90 ETH ($281,000), per OpenSea. Although most recent sales are in the 42 to 69 ETH range ($131,500 to $216,000).
"When you give 140 random people something of value, there's no way of telling who will hold onto it for its true value at first," he said. "That's what you see happening now."
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