Investing in anything from art to stocks is a gamble for anyone. The new player in investing is NFT’s. What is that NFT really worth?
An Non-fungible token(NFT) is according to CoinDesk a special type of crytpo asset that allows the holder to prove their ownership of real or digital items – but most importantly, the latter. The item could be a picture, real estate in a video game, music you name it. Sina Estavi is an investor, who in 2021 bought a digital token that was the representation of the first tweet from Twitter founder Jack Dorsey. Estavi, bought the tweet NFT for $2.9 million dollars. The tweet is available on Twitter for the world to see on Jack’s account, so what is it that Estavi really owns?
Last Thurdsday, Estavi announced online that he wanted to sell the NFT. He was hoping to make good on his investment and cash out at upwards of $50 million and offered to donate “at least $25 million” to charity. That is an awful lot of money for a Tweet which we can all see very easily just by going to the link on the image above and a very lofty goal. The Tweet was listed for auction and closed on Wednesday. Needless to say that he did not get what he wanted, nor did he get close to what he paid for the NFT. During the auction, the highest offer received was just…… wait for it……. $277. Yes you read that correct, two hundred and seventy seven dollars. Estavi did say in a message to CoinDesk that “The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it.”
Is this a tale of woe of one bad NFT or is this a story that will become more common place with buying and selling on this digital currency? So what is your NFT really worth? I guess like most purchases, it is the perceived value of the party purchasing it. Is the push towards NFTs causing a FOMO feeling in investors that if they don’t have an NFT they are missing out? Let us know what you think about NFT’s below, we would love to hear. You can also let us know on our Twitter account by clicking here. Stay Tuned to Culture Splat for more articles and our upcoming merch.
