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$2.9 Million NFT Sheds 99 Percent of Value

In a spectacular display of the volatility of NFTs (and the potential for them to become essentially worthless), an NFT of Jack Dorsey’s first tweet received a maximum offer of $9,968 at auction.

Entreprenuer Sina Estavi bought the tweet last year for 1,630.58 ether, worth an estimated total of $2.9 million at the time of purchase. He expected that the tweet could net him around $48-50 million, after which he said he planned to donate $25 million to charity.

Instead, in the original auction, the highest bid was a mere $277. Since then, offers have risen to just under $10,000. If Estavi sold the NFT for that price, he’ll be chalking up a loss of 99.66 percent.

It just goes to show that although NFT trading has increased dramatically over the past couple years, it is near impossible to determine what any of these digital “assets” are actually worth.