Posted on 04/17/2022 8:36:39 PM PDT by conservative98
A non-fungible token (NFT) of the first tweet made by former Twitter CEO Jack Dorsey originally bought for $2.9 million has reportedly failed to hold its value, with a recent top bid for the NFT reaching just $6,800. That represents a drop in value of approximately 99.8 percent based on the original purchase price.
The Guardian reports that an NFT of former Twitter CEO Jack Dorsey’s first tweet was sold in March 2021 for $2.9 million, bought by crypto entrepreneur Sina Estavi. The purchase made headlines at the time, with many shocked at the purchasing price, but Estavi seemed confident that the NFT would appreciate in value.
Recently, Estavi put the tweet up for resale on the NFT marketplace OpenSea, asking for $48 million. As of Thursday, the highest bid for the NFT was 2.2 ether — approximately $6,800. Estavi spoke to Reuters about the situation stating: “My offer to sell was high and not everyone could afford it… It’s important to me who wants to buy it, I will not sell this NFT to anyone because I do not think everyone deserves this NFT.”
(Excerpt) Read more at breitbart.com ...
“Recently, Estavi put the tweet up for resale on the NFT marketplace OpenSea, asking for $48 million.” We are at the end of civilization. Why would anyone pay even one cent for something so useless?
Might also be useful for money laundering, tax evasion, or other illegal transactions.
Jack Dorsey should start selling tulips....
https://en.wikipedia.org/wiki/Tulip_mania
I can copy a Monet.
I’ve got that beat, I’ve got some captured farts in my zip locks, so mine are worth $1000 each.They’re not fresh, they’re particularly rancid, which goes well with Twitter.
Makes as much sense as the rest of this story. Just wow on the whole thing.
Hunter Biden should be all over it.
But only if you can sell it for more than you paid for it either above or under the table.
You can. Money laundering would use an "NFT sale" as a pretext to transfer large sums of money for some other reason.
Tony in Miami wants to buy $40 million worth of heroin from Carlos in Columbia. When Tony bank transfers the $40 million to Carlos, that's gonna raise eyebrows at the IRS and DEA. Tony needs a pretext. So he "buys" an NFT from Carlos to provide a reason for the bank transfer.
Does the holder of an NFT make any money if someone uses a copy of his NFT?
Also called “eating your own dog food”.
No. You earn no royalties.
So it’s basically a collectible, like art. You buy for a) aesthetic reasons; or b) status; or c) as an investment. Or some combination of the preceding.
He may be an idiot but he’s not happy Twitter info stranglehold either
In which case Tony has 40 million worth of cocaine and an nft. Carlos meantime had to pay something for the nft and if the price was outrageous say $10 million dollars then Carlos is only getting a net of 30 million dollars for 40 million dollars worth of cocaine. Which if Tony can then turn around and sell the $10 million nft for $10 million he is getting $40 million worth of cocaine for $30 million dollars. So it only works if the nft was not overbought in the first place but if it was overbought then the numbers don’t work out for money laundering.
X can be anything. Art is often used for money laundering. Or tax evasion. Ever wonder why someone would buy a blank canvas or pile of rocks for $10 million?
Here's a scam I heard about. A billionaire buys a crap abstract painting from an allegedly "rising new artist" for $1 million. Five years later he donates it to a museum. The museum and billionaire collude with an arts appraiser, who declares the painting's current worth to be $10 million. Which the billionaire claims as a tax deduction to the IRS.
Any item whose value is volatile and difficult to appraise -- usually unique, potentially high-priced items such as collectibles, paintings, NFTs, etc. -- can be used for money laundering or tax evasion.
Only if you did a couple Altoids first.
I guess it's a collectible. Except that all you have is a declaration or certificate that the original tweet "belongs" to you.
I suppose it's kind of an investment. Although it's so high-risk that it's more a gamble than investment.
No.
It’s crazy, isn’t it?
At $6,800, it might be a good value for longvterm collectors, but I don’t get it...
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