Guy Buys NFT For $4 Million, Asks for $67 Million, Is Offered $4,998

Guy Buys NFT For $4 Million, Asks for $67 Million, Is Offered $4,998
Photo: Romilly Lockyer / Kotaku, Getty Images

Sina Estavi is a “crypto entrepreneur”, who last year bought a digital token representing Twitter founder Jack Dorsey’s first ever tweet. He paid $US2.9 ($4) million for it, and this month sought to make good on his “investment”, putting it up for auction with an expectation it could net him $US48 ($67) million. It did not.

As CoinDesk report, Estavi put the NFT up for sale on April 9, hoping to get around $US50 ($69) million for it, and then donate “at least $US25 ($35) million” of that sum to charity. That’s an ambitious sum for something we can all see, screencap, download and/or enjoy below for the cost of just a few seconds of our time:

An auction for the NFT was held, and of the handful of bidders taking part, the highest offer was for…$US277 ($385). A subsequent offer has since come in for $US3600 ($4,998), but that is still a long way off $US2.9 ($4) million, let alone $US48 ($67) million. “The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it”, Estavi told CoinDesk.

The timing of the sale is certainly interesting. Estavi was just released from prison in Iran, where had spent nine months after being arrested on charges of “disrupting the economic system”. In that time his cryptocurrency ventures crashed, and his attempts to appease those burned by that collapse are being met with scepticism.

Estavi’s auction also came at a time when NFT sales tracked on Opensea, the single largest marketplace in the space, were down around 50% in 2022, from almost $US5 ($7) billion in January down to $US2.5 ($3) billion 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.

Thanks Web3 Is Going Great!

Comments

  • The NFT ponzi scheme only works if there are even more suckers willing to pile on in the assumption that someone else is an even bigger sucker.

    There just aren’t that many stupid people in the world with a casual $50 mil lying around waiting for opportunities to flip their ‘investment’ onto some random oligarch.

    • It’s also why “play to earn” games will never work. Those games only work when there are people willing to lose money. If everyone wants to earn money no one can.

  • I’m starting to think Kotaku writers secretly love NFT’s – hate them publicly, but love them for the guaranteed clicks. What’s this got to do Japanophilia or video-games?

    Nine Entertainment needs to touch up their Gizmodo-Kotaku cross-posting scripts.

    • Kotaku has never had a problem with guaranteed clicks, that’s kinda how free to read internet businesses work.

      Also, entertainment, ya know? As Alex Walker repeatedly noted, Kotaku is about both gamers and things gamers like, and gamers love making fun of NFT stupidity.

    • Given how many games companies are including or planning to include NFTs in their games, their inclusion here is pretty much a no-brainer.

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