Man Buys NFT For $2.9 Million, Discovers It's Worth Much, Much Less

It must be said that there is a delicious feeling of Schadenfreude when something bad happens to a cryptobro. 

While cryptocurrency and NFTs had a very quick rise in popularity last year, already the value has begun to dip. Rigs built to mine cryptocurrency require high end graphics cards, and a whole lot of power. The requirements necessary have also led to a shortage of computer chips, which is why it's so difficult to get our hands on the fabled PS5. This, plus the environmental damage caused, has meant that many feel just a little excitement when something unexpected happens - such as the cryptobro who sold an NFT of a rock for 1 cent when they meant to sell it for $1 million.

If you want to see how destructive cryptomining is, then take a look at our video below.

Our latest tale of crypto woe was first reported by CoinDesk. About a year ago, founder of Twitter, Jack Dorsey, sold his first ever tweet as an NFT. The tweet which read “just setting up my twttr” sold for 1,630 Ethereum (then worth almost $3 million), which Dorsey donated to covid relief in Africa.

The buyer was a self-titled crypto entrepreneur, who was arrested shortly after buying the tweet for “disrupting the economic system”, causing his own cryptocurrency to tank in value. Now he’s out of prison and attempting to rebuild his crypto empire. Part of this was selling his Dorsey NFT, promising to give half of the money made to charity.

However, the NFT hasn’t earned nearly as much as what he paid. Putting it up for auction on OpenSea, when the auction closed the highest bid was at 0.09 Ethereum or around $280. Obviously dissatisfied with this amount he has kept the image open to offers. The highest offer is now up to 3.3 Ethereum (just over $10k) and while this is still a lot of money, it’s a lot less than the $25 million he was predicting. 

The NFT hasn’t sold yet, so it could be that the owner holds out until someone bids into the millions. We won’t be holding our breath for the answer.

Topics: Cryptocurrency