An NFT featuring the very first tweet on Twitter was sold last year for
a whopping $2.9 million.
Well, the owner is now having
a hard time selling it to recoup his money and
that means that it's time for
another installment of.
[MUSIC]
All right, so it turns out that the crypto investor we were talking about here.
His name is Sina Estavi.
Bought an NFT of Twitter co founder Jack Dorsey his
first tweet ever for 2.9 million.
That was in March of 2021.
Now he put that NFT up for auction just last week and bidding ended on Wednesday.
So, let's take a look at the stupidity that this individual
spent $2.9 million Twitter from Jack Dorsey.
And it just says just setting up my Twitter.
Great, so Estavi put the NFT up for
sale on April 9th hoping that it would get around $50 million.
And then donate at least 25 million of that sum to charity.
Of the handful of bidders taking part, the highest offer was for $277.
A subsequent offer has since come in for $3,600.
Which is certainly better than the 277 but obviously nowhere near the 50 million.
And also nowhere near the 2.9 million that this guy paid for the NFT last year.
Now Estavi's auction came at a time when NFT sales tracked on Opensea.
Were down around 50% in 2022.
So it's not just about this particular NFT.
It's about this NFT scam overall.
Right, so all of a sudden their value is down because it didn't have any
value to begin with.
Okay, so from almost $5 billion January down to $2.5 billion dollars in March.
This decline has sparked moves from blue chip NFT owners to search for
alternative uses for their tokens.
Which is a fascinating development in that it implies there was ever a use in
the first place.
I wanna put up Jack Dorsey's tweet again, the tweet,
I guess copy of the tweet that this guy paid for
$2.9 million dollars to pay for that.
Guess what, we have the exact same thing, I copied and pasted it.
I sent it to our producers for
the very high price of $0.
NFTs and to also to some extent Cryptocurrency,
only has the value that people are willing to pay for it or invest in it, right?
But like these NFTs didn't have any real utility,
like they don't really do anything for you.
Especially since we're talking about something that could easily be copy and
pasted by anyone.
And then when it comes to Cryptocurrency part of the reason why crypto pros are so
unbearable, is because for the value of the Cryptocurrency they're
promoting to remain high or to go up higher there has to be hype.
Like I mean, you have to hype it up if you're not hyping it u, p if you don't
have Elon Musk manipulating it on Twitter, it'll probably be worth close to nothing.
So look I know some people are like, no Cryptocurrency is great.
It's democratizing everything, except it's being used to money launder.
It's being used by global criminal networks and stuff like that.
But okay sure I'm sure it's democratizing everything.
But for anyone who thought for a second that like messing around with
this NFT scam would be a good idea, for some you know it was a good idea for
a short period of time if they were able to make some money off of it.
But it seems like that ship has sailed.
It seems like that bubble has burst,
because again it's not just about this NFT that this dude spent $2.9 million on.
You look at the overall state of NFTs.
And they've lost a considerable amount of value.
And what I worry about is,
what happens to people who engaged in buying or trading NFTs?
People who didn't really know what they were doing,
who might have bought into the scam and are hurting a little today.
And what is going to happen when it comes to potential regulation to
ensure that Cryptocurrency isn't being used by criminals to do all
sorts of criminal things like launder money?
But don't worry, I mean we have Joe Biden,
I'm sure that he's gonna help us out with that.
I'm sure look, he's got his people working around the clock, okay?
He developed a commission.
The commission is allegedly studying this.
They're gonna figure out what to do to keep ordinary people who get scammed by
this stuff safe.
Any day now, just like he developed a commission to study gun control.
Just like he developed a commission to study whether or
not the federal government can unilaterally cancel student loan debt.
Spoiler alert, they can, he didn't need a commission for that.
So he lied to us.
He played stupid because he's not gonna cancel any student loan debt.
But look, we gotta take the silver linings where we can find them.
And in this case, a guy was dumb enough to spend $2.9 million
dollars on something that just has no inherent value.
And he's learning that the hard way today.