You bought NFT for $ 2.9 million and then listed it for $ 48 million.  Highest bid was less than $ 280 - National |

You bought NFT for $ 2.9 million and then listed it for $ 48 million. Highest bid was less than $ 280 – National | – Mail Bonus

For those who are not initiated, it can seem like an immediate – albeit expensive – financial gain to buy a NFT. However, this is not always the case.

Last month, NFT was sold by graphic designer Beeple for $ 69.4 million at auction. So when Sina Estavi’s cryptocurrency developer listed NFT of Twitter’s first tweet, Jack Dorsey, for $ 48 million last week, many were shocked to find that the highest bid at the end of the auction was only $ 277.

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Estavi had bought NFT last year for $ 2.9 million and was clearly expecting a similar sale price this time around.

Estavi tweeted that he would donate 50 percent of the NFT auction’s profits – $ 25 million or more, based on his initial listing of $ 48 million – to the charity Give Direct, which helps East African families in extreme poverty “by making unconditional profits” cash. transfers to them via mobile phones. “

It is now unclear whether half of the relatively small proceeds from the auction will still be donated to charity.

NFT of Dorsey’s first tweet was at the online auction for seven days.

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At Opensea’s venue, where the auction was held, Estavi could accept or reject bids. Estavi is still open for bids.

“The deadline I set has passed, but if I get a good offer I could accept it. I could never sell it, “Estavi told CoinDesk before the auction reopened.

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The highest bid is now $ 9,945.24. This is not Estavi’s first financial failure, having landed in two cryptocurrencies, Bridge Oracle and CryptoLand, after his arrest in Iran “accused of disrupting the economy.

What is NFT?

NFT are immutable symbols. They grant the owner the right to a digital medium, such as art, photography, GIF or meme. As a result, digital creators have taken advantage of it as a new way of marketing their work. Publicly available digital accounting keeps track of who owns NFT.

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Buying an NFT may sound like a weird way to spend your money, especially when anyone can save a piece of media on their phone or computer. A large part of the NFT market revolves around Ethereum, a type of cryptocurrency.

With files by Josh K. Elliott

© 2022 Global News, Corus Entertainment Inc.

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