Here is Proof that NFTs Are Worthless
The Biggest NFT flop ever
While a couple of JPG images of monkeys are selling for upwards of $300.000, some NFTs go worthless.
In 2006, Jack Dorsey, the former CEO of Twitter tweeted the first-ever tweet:
A year ago, this tweet was bought as an NFT for $2,9 million by crypto entrepreneur Sina Estavi. A week ago, Estavi tweeted that he would put the NFT on a 7-day auction on Opensea.
He expected the tweet would sell for around $50 million of which he would give half to charity.
Instead, the highest bid after the 7 day auction was a mere $280 ( 0,09 Eth)
On Opensea, you can either choose to accept the bid or extent the auction. Estavi chose to extend the auction. Right now, the highest bid is $4.600 (1,5 Eth). This is still an order of magnitude smaller than the $50 million the owner was looking for and the $2,9 million Estavi paid.
NFTs are like deeds to a house. It’s not the asset itself, it’s the receipt that proves ownership. While for artists it may make sense to create NFTs, it makes far less sense for a tweet. If Jack Dorsey or Twitter decides to delete the tweet, the NFT will be completely worthless.
Those who think that the NFT madness will end because of this auction flop may be disappointed. Last month, over $2,4 billion worth of NFT was traded on Opensea.
Final Thoughts
Whether NFTs will become as big as the internet, only history will tell. This space is still very risky and contains a lot of scams. I am personally going to keep investing in Tesla stock.
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This story was originally featured on Cnet
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