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Once Worth $2.9M, NFT of First Ever Tweet Is Now $132

theandrewbailey 4y ago
Tell me again why NFTs are such a good investment. I'll wait.
- stjohnswarts 4y ago
  The only people I knew were crypto bros just to flaunt their crypto holdings.
rvz 4y ago
I don't think the owner accepted the bid. It would be news if they did. It's not about someone offering the bid of $132, it's about whether or not if that bid was accepted. Right now, it isn't.
- cableshaft 4y ago
  Yeah, people put in stupid low bids on OpenSea all the time with the hopes that someone will just accept it. It doesn't cost anything (outside of the gas to wrap the ETH or whatever) for them to place the bid, they just have to have it available. They can even use the same money to place bids on a bunch of NFTs, and only pay for the first one that accepts. One way people try to scam bids on OpenSea is they make a bit that seems super high if it was in the default currency, but use a different currency, and the currency symbol is a tiny icon, so they hope people will accept it without thinking about it and they get it for a deal. I know several people that thought they were selling their NFT for like 20 Eth (or $26,000 USD at today's prices, even higher back then), and really the bid was for 20 USD coin, or $20. So some rando placing a bid on OpenSea doesn't mean much. I'm sure there are people who would pay more than that for this NFT, but aren't bothering to take the time to place a serious bid. Not $2.9 million though, and definitely not $48 million. If the owner arranged to have this sold through Sotheby's or something, he could potentially get $100,000+ (I'm guessing, I have no idea, just judging by their other auctions). Just a random bid on OpenSea though, $1000 is probably the best they're likely going to see for it, especially in the midst of the NFT (possibly now permanent) bear market.
- giuliomagnifico 4y ago
  He didn’t accepted but the price is going down, on April people offered $280, now $132… > Estavi is still the NFT owner, and it is unclear if he has any interest in selling right now. He did not respond to a request for comment via Twitter DM.
  - saturntrusting 4y ago
    This is somewhat reductive though, I despise NFTs though would surely pay $132 for the novelty of owning a peice of their downfall, the price floor is surely much higher
- theandrewbailey 4y ago
  If I owned an NFT, how could I encourage higher bids? Tell everyone that I want to sell it? What if I needed to sell it now? In the unlikely event that I needed to sell my house today (like right now), I'm confident that I could get way more than 0.00005% ($132 / $2,900,000) of its purchase price out of it.
  - cableshaft 4y ago
    You could put it up for a timed auction on OpenSea, that announces to others that you're looking to sell. Also if the ownership of your house was determined via an NFT (in 5-10 years that might not be that uncommon), I'm sure you'd get a much higher bid for it on something like OpenSea also (assuming it was part of a collection that people knew to look for, at least. If you just mint the NFT yourself people might not discover it). If it were legit and NFTs were more mainstream you'd probably get bids close to, or possibly more than) what it's worth. The $2.9 million for the tweet was just a stupid purchase to begin with by someone with more money than sense, like someone paying $1.5 million for a sealed copy of Super Mario 64 back in July 2021[1]. [1] https://kotaku.com/a-sealed-copy-of-super-mario-64-just-sold-at-auction-fo-1847269269 https://kotaku.com/a-sealed-copy-of-super-mario-64-just-sold... EDIT: For those who doubt the housing claim, I just happened to have a twitter post shared with me just now that someone sold an NFT that grants ownership of their house in South Carolina for $175k over the past weekend[2]. So NFTs are still selling for good prices if there's something of proven worth behind it, like real estate. [2]: https://twitter.com/rusty_bill/status/1582098885933027328?s=46&t=1Igh8BUp4RnudTfReDMJNA https://twitter.com/rusty_bill/status/1582098885933027328?s=...
    - warrenm 4y ago
      That's pretty interesting on the NFT-backed-by-real-estate bit I RT'd with the following comment: "I don't know how "awesome" this is ... but keeping real estate records on #blockchain is close to the only sane use of the technology"
      - cableshaft 4y ago
        That was the original use case for NFTs (replacing paperwork as a record of ownership of something tangible), and what I remember people saying they could be used for when it was still just a concept yet to be implemented, way back when they were just called 'colored coins' and not NFTs. It's still the most reasonable thing to me, or maybe signifying ownership of digital content (for a reasonable price), like owning a digital weapon in Warcraft you could sell to someone else via an NFT marketplace. People just found some easy money with the PFP (profile pic) NFTs, started treating them like Pokemon cards, and prices got insane and stupid for a while. Hopefully that more or less goes away and things will be sold for prices similar to what it should really be worth again (I don't mind paying $5-10 to say I 'own' a cool profile pic, for example, but $250k+ is insane).
warrenm 4y ago
In other words ... it was never "worth" $2.9M
- awithrow 4y ago
  It was when someone first purchased it for $2.9M
  - effingwewt 4y ago
    To the contrary, this proves just because some idiot is willing to pay millions for something doesn't make it worth what they paid.
    - rad_gruchalski 4y ago
      Whatever, someone made $2.9m on this thing.
      - effingwewt 4y ago
        So did Bernie Madoff. Scams are no less scams just because someone got rich.
- deleted 4y ago
  [deleted]

Tell me again why NFTs are such a good investment. I'll wait.

stjohnswarts 4y ago
The only people I knew were crypto bros just to flaunt their crypto holdings.

rvz 4y ago

I don't think the owner accepted the bid. It would be news if they did. It's not about someone offering the bid of $132, it's about whether or not if that bid was accepted. Right now, it isn't.

cableshaft 4y ago
Yeah, people put in stupid low bids on OpenSea all the time with the hopes that someone will just accept it. It doesn't cost anything (outside of the gas to wrap the ETH or whatever) for them to place the bid, they just have to have it available. They can even use the same money to place bids on a bunch of NFTs, and only pay for the first one that accepts. One way people try to scam bids on OpenSea is they make a bit that seems super high if it was in the default currency, but use a different currency, and the currency symbol is a tiny icon, so they hope people will accept it without thinking about it and they get it for a deal. I know several people that thought they were selling their NFT for like 20 Eth (or $26,000 USD at today's prices, even higher back then), and really the bid was for 20 USD coin, or $20. So some rando placing a bid on OpenSea doesn't mean much. I'm sure there are people who would pay more than that for this NFT, but aren't bothering to take the time to place a serious bid. Not $2.9 million though, and definitely not $48 million. If the owner arranged to have this sold through Sotheby's or something, he could potentially get $100,000+ (I'm guessing, I have no idea, just judging by their other auctions). Just a random bid on OpenSea though, $1000 is probably the best they're likely going to see for it, especially in the midst of the NFT (possibly now permanent) bear market.
giuliomagnifico 4y ago
He didn’t accepted but the price is going down, on April people offered $280, now $132… > Estavi is still the NFT owner, and it is unclear if he has any interest in selling right now. He did not respond to a request for comment via Twitter DM.
- saturntrusting 4y ago
  This is somewhat reductive though, I despise NFTs though would surely pay $132 for the novelty of owning a peice of their downfall, the price floor is surely much higher
theandrewbailey 4y ago
If I owned an NFT, how could I encourage higher bids? Tell everyone that I want to sell it? What if I needed to sell it now? In the unlikely event that I needed to sell my house today (like right now), I'm confident that I could get way more than 0.00005% ($132 / $2,900,000) of its purchase price out of it.
- cableshaft 4y ago
  You could put it up for a timed auction on OpenSea, that announces to others that you're looking to sell. Also if the ownership of your house was determined via an NFT (in 5-10 years that might not be that uncommon), I'm sure you'd get a much higher bid for it on something like OpenSea also (assuming it was part of a collection that people knew to look for, at least. If you just mint the NFT yourself people might not discover it). If it were legit and NFTs were more mainstream you'd probably get bids close to, or possibly more than) what it's worth. The $2.9 million for the tweet was just a stupid purchase to begin with by someone with more money than sense, like someone paying $1.5 million for a sealed copy of Super Mario 64 back in July 2021[1]. [1] https://kotaku.com/a-sealed-copy-of-super-mario-64-just-sold-at-auction-fo-1847269269 https://kotaku.com/a-sealed-copy-of-super-mario-64-just-sold... EDIT: For those who doubt the housing claim, I just happened to have a twitter post shared with me just now that someone sold an NFT that grants ownership of their house in South Carolina for $175k over the past weekend[2]. So NFTs are still selling for good prices if there's something of proven worth behind it, like real estate. [2]: https://twitter.com/rusty_bill/status/1582098885933027328?s=46&t=1Igh8BUp4RnudTfReDMJNA https://twitter.com/rusty_bill/status/1582098885933027328?s=...
  - warrenm 4y ago
    That's pretty interesting on the NFT-backed-by-real-estate bit I RT'd with the following comment: "I don't know how "awesome" this is ... but keeping real estate records on #blockchain is close to the only sane use of the technology"
    - cableshaft 4y ago
      That was the original use case for NFTs (replacing paperwork as a record of ownership of something tangible), and what I remember people saying they could be used for when it was still just a concept yet to be implemented, way back when they were just called 'colored coins' and not NFTs. It's still the most reasonable thing to me, or maybe signifying ownership of digital content (for a reasonable price), like owning a digital weapon in Warcraft you could sell to someone else via an NFT marketplace. People just found some easy money with the PFP (profile pic) NFTs, started treating them like Pokemon cards, and prices got insane and stupid for a while. Hopefully that more or less goes away and things will be sold for prices similar to what it should really be worth again (I don't mind paying $5-10 to say I 'own' a cool profile pic, for example, but $250k+ is insane).

warrenm 4y ago

In other words ... it was never "worth" $2.9M

awithrow 4y ago
It was when someone first purchased it for $2.9M
- effingwewt 4y ago
  To the contrary, this proves just because some idiot is willing to pay millions for something doesn't make it worth what they paid.
  - rad_gruchalski 4y ago
    Whatever, someone made $2.9m on this thing.
    - effingwewt 4y ago
      So did Bernie Madoff. Scams are no less scams just because someone got rich.
deleted 4y ago
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