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Man who paid $2.9m for NFT of Jack Dorsey’s first tweet set to lose almost $2.9m

Draugoth

Draugoth

Gold Member
www.theguardian.com

Man who paid $2.9m for NFT of Jack Dorsey’s first tweet set to lose almost $2.9m

‘This is the Mona Lisa of the digital world’, says crypto entrepreneur Sina Estavi who bought the NFT in March 2021
www.theguardian.com www.theguardian.com

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Crypto entrepreneur Sina Estavi made headlines in March 2021 when he paid $2.9m for an NFT of Twitter boss Jack Dorsey’s first tweet. But his efforts to resell it have run aground, with a top bid of just $6,800 as of Thursday.

The initial purchase was at the time among the most expensive sales of a non-fungible token, or NFT, and came amid a flurry of interest in the niche crypto assets. Estavi put the tweet up for resale on the popular NFT marketplace OpenSea last week, initially asking for $48m.

That price tag was removed after offers in the first week were in the low hundreds of dollars. As of Thursday, the highest bid was 2.2 of the cryptocurrency ether – equivalent to about $6,800. “This NFT is not just a tweet, this is the Mona Lisa of the digital world,” he said.
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Ionian

Ionian

Member
GHG

GHG

Member
ZywyPL said:
Well if spending 3M on a gif was not a big deal for him I guess not getting those 3M back isn't either.
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You would hope so but having seen what most people do on wallstreetbets after they get lucky and hit it big I'm not so sure...
 
Dreamin

Dreamin

Member
Trogdor1123 said:
Nft still makes zero sense to me. I understand the concept but not why someone would want one, at all
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NFT is just proof of ownership and uniqueness, it's a very important step forward in getting rid of middle men for a bunch of assets. I'm looking forward to securities being traded in a decentralized way instead of running every trade through old money centralized assheads All the "art" shit is bullshit though, it followss after the non-nft art world, mostly nonsense and money laundering.
 
Ionian

Ionian

Member
Dreamin said:
NFT is just proof of ownership and uniqueness, it's a very important step forward in getting rid of middle men for a bunch of assets. I'm looking forward to securities being traded in a decentralized way instead of running every trade through old money centralized assheads All the "art" shit is bullshit though, it followss after the non-nft art world, mostly nonsense and money laundering.
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No as it can be sold inevitably. You OWN a part that dilutes. (there is no sole ownership).

Of a picture.

Anyone who buys one is an absolute idiot.
 
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Grildon Tundy

Grildon Tundy

Member
base said:
Oh my God. I wasn't aware of this. Please God, end mankind...
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Thing is: I don't think the people who buy NFTs are necessarily idiots. It's once there is no one else to sell them onto that they retroactively become idiots. Like the guy in the OP.

I think the idea is to be the second-to-last person ever to own any particular NFT.
 
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nocsi

nocsi

Member
NFTs are the future. But what moron would spend for something that can’t even be proven. So what the tweet exists in the blockchain? Nfts are used for creation going forward. Not so much bs from the past
 
///PATRIOT

///PATRIOT

Banned
Grildon Tundy said:
Thing is: I don't think the people who buy NFTs are necessarily idiots. It's once there is no one else to sell them onto that they retroactively become idiots. Like the guy in the OP.

I think the idea is to be the second-to-last person ever to own any particular NFT.
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So it's a two layer gamble.
 
TheDreadLord

TheDreadLord

Member
The problem with this art NFT thing is that in order to have value it needs to be shown and as soon as it is presented, there is nothing preventing people from simply taking a screenshot or whatever. It is different from owning an actual piece of art. In this case anyone can take a picture but only the owner will have access to it whenever it wants to.
 
Sakura

Sakura

Member
Couldn't you just take a picture of the tweet and turn it into an NFT yourself without spending 2.9m?
 
StreetsofBeige

StreetsofBeige

Gold Member
Still $6,800 too much.

Here's a free copy for everyone. Download and print as many copies you want. Go nuts if you want to buy a $20 frame and hang on a wall.

acn-032321-twitter.jpg
 
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