NFT Bro Loses MILLIONS In Failed Investment

An NFT of Twitter co-founder Jack Dorsey’s first tweet was sold for $2.9 million last March to NFT collector Sina Estavi. Estavi recently put the NFT up for auction last week, and as of this video, the highest bid is at $3,600 as the NFT market has seen a 50% decrease in sale prices. Ana Kasparian discusses on The Young Turks. Watch LIVE weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live

Read more HERE:
https://gizmodo.com/nft-of-first-twee...

"Crypto investor Sina Estavi bought an NFT of Twitter cofounder Jack Dorsey’s first tweet ever for $2.9 million in March of 2021. And after a year of constant hype for NFTs, most people would naturally assume Estavi might be able to turn a nice profit on his investment by now. But most people would be wrong.

Estavi put the NFT up for auction last week, and bidding ended on Wednesday. The highest bid? Roughly $277 worth of the cryptocurrency Ethereum, at current prices, according to crypto news outlet CoinDesk.

Estavi had hoped to get as much as $48 million for the NFT and pledged to donate half of the price to charity. But that’s obviously not happening anymore. The crypto businessman has a couple of days to decide whether he wants to accept just $277 for his multi-million dollar investment. But we’d guess he’s just going to keep it.

The NFT in question, like all non-fungible tokens, is simply a digital contract stored on a blockchain claiming “ownership” through a hyperlink that points to a digital object—in this case, Dorsey’s historic first tweet. If that doesn’t sound exciting to you, you’re not alone. The average person still has a hard time understanding what they’re buying when they purchase an NFT. And when people discover it’s often just a receipt to something they can already see online, it sounds dumb."

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