Gentleman tried to flip "Jack Dorsey's first tweet" NFT for $48 million, but highest offer was only $277

Originally published at: Gentleman tried to flip "Jack Dorsey's first tweet" NFT for $48 million, but highest offer was only $277 | Boing Boing

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You say “failed NFT flip,” I say “money laundering.”

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So did the transaction complete? Is there no reserve price in the crypto scamiverse?

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Today I learned that the Mona Lisa is actually worth $277

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Did anybody make an NFT of “The Emperor’s New Clothes”???

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I think years later people will realize the true value of this tweet, like the Mona Lisa painting

I predict that soon, if not already, someone is going to create an “NFT MUSEUM” and you can donate your precious NFTs in exchange for an extremely generous Tax Deduction. Then one day the server will mysteriously fail and all the records will be lost.

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I really don’t think that NFT “investments” are that comparable to past speculative investments in things like land, beanie babies, or tulip bulbs. In each of those instances when the bubbles burst at least people were left with something that physically existed, and which had an inherent value of more than zero. Even the most “worthless” land can be set aside as a nature preserve, tulips look and smell nice, and if nothing else a beanie baby can be used as a chew toy for a dog. But an NFT for the abstract concept of “ownership” (but not even including copyright) of a string of text or jpeg that anyone can copy and view without restriction? That’s just bizarre and inherently worthless unless you can find a bigger sucker to buy it from you.

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“It’s not just a tweet” Ain’t even a tweet. If they wanted to donate they could’ve just donated without buying an NFT. Get out of here ya jabroni.

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What people were willing to pay for it is hilarious, but especially in contrast with his idea he could sell it for many times more than the hyper-absurd price he originally paid. But the extra hilarious bit for me is that of all the various ventures (and there were at least several) to turn other people’s tweets into NFTs, this is the only one that seemed like it had any sort of value whatsoever, since Jack himself sold it. And this is what it’s actually worth to people - something between five and 280 dollars. Which actually seems right, for a novelty item of no real value, which is what it is.

Apparently he had/has the option to reject the offer. Though I’m not sure he’s going to get a better one…

Yeah, people actually want beanie babies and tulip bulbs - just not nearly as much as the prices indicated. No one actually wants an NFT (at best, for a highly niche audience, it works as a joke novelty item, like fake lottery tickets or Moon plots).

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All other NFTs continue to appreciate in value and always will…
image

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But for the right price, you can have an NFT that points to where the server used to be!

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Likely I’m wrong as i only did minimal googling but the ‘original tweet’ appears to have a blue verified tick, which according to wiki… wasn’t added until 2009.

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Except that the Mona Lisa is still hanging in the Louvre and your purchase doesn’t actually entitle you to anything at all, either in terms of the painting itself or the copyright of its image.

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There is at least one already, for what it’s worth.

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Good observation! I presume that means the screenshot used to generate the NFT was taken by scrolling back in Dorsey’s feed to the very start after 2009. Probably right before he created the initial NFT himself.

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Never in my wildest dreams did I ever expect to be only $270 short of the winning bid for this one of a kind item. Wish me better luck next time!

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It’s almost as if there is no such thing as an “original” anything in a digital world and any claims of artificial scarcity or rarity are made up! Almost. :wink:

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Money laundering only works if you keep a significant part of the cash…if you lose 99.9% in the transaction that’s not money laundering, that’s money down the drain.

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In March 2021, Malaysia-based crypto entrepreneur grifter

FTFY.

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