Man buys NFT for $2.9 million and discovers it’s worth much, much less
There is something delicious about Schadenfreude when something goes wrong for a crypto bro.
Although cryptocurrency was very popular last year, the value of NFTs has already begun to decline. High-end graphics cards and lots of power are required for mining cryptocurrency rigs.
It’s also difficult to find the PS5 because of these requirements. Due to the environmental damage, many people feel a little excitement when something unexpected occurs. For example, the crypto bro who sold an NT of rock for 1c when they intended to sell it at $1 million.
CoinDesk first reported our latest story of crypto woe. Jack Dorsey was the founder of Twitter. He sold his first tweet as an NFT one year ago. The tweet, which stated “just setting up my TWTR”, was sold for 1,630 Ethereum, almost $3 million at the time. Dorsey donated it to aid in Africa.
The buyer was a self-described crypto entrepreneur who was arrested soon after purchasing the tweet. He was accused of “disrupting the economic system” and causing his own cryptocurrency to plummet in value. He is now out of prison and trying to rebuild his crypto empire. He sold his Dorsey NFT and promised to donate half the proceeds to charity.
The NFT has not made nearly as much as he paid. It was put up for auction on OpenSea. At the end of the auction, the highest bid was 0.09 Ethereum, or approximately $280. He was clearly dissatisfied with this amount and has left the image open for offers. He is currently offering a maximum offer of 3.3 Ethereum, just over $10k. This is still a large amount, but it is much less than the $25m he had predicted.