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 ...
Exactly.
The first time someone told me about them, I thought they were trying to punk me.
I still have a problem believing it’s a real thing.
I think you hid the nail on the head. What is really going on with NFTs and some cryptocurrency is money laundering, but people who don’t know any better are duped into thinking NFTs are legitimate investments.
“Would you buy it for a quarter?”
From C. M. Kornbluth’s “The Marching Morons”
Huh? Someone actually bought a tweet? How is that possible and where do you put it?
Cryptocurrency, I can understand.
NFTs seem like a total snow job, a complete con.
I’m in complete agreement.
I don’t understand this stuff!
Nor do I. I’m still trying to wrap my mind around
the new currencies such as Bitcoin. Now this pops up.
It’s not likely to ever effect my life, though.
I do wonder, if an NFT Buyer is ever entitled to a refund or
Mulligan. With the transaction often being anonymous, I’m not sure how that would be done.
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