Not Fungible Tokens are a scam. They are the epitome of money for nothing. The whole thing relies on people believing in the magic for it to survive – or, put another way, for a ship of fools to keep coughing up for something that does not exist either in this world or the parallel universe where nothing makes any sense. As one fool is discovering.
The buyer of a non-fungible token (NFT) of Twitter co-founder Jack Dorsey’s first tweet says he “may never sell it” after receiving a series of low bids.
Malaysia-based Sina Estavi has been offered just over $6,200 (£4,720), about 0.2% of the $2.9m he paid for it.
Mr Estavi has compared the digital asset to Leonardo da Vinci’s Mona Lisa.
The tweet, which says “just setting up my twttr,” was first posted in March 2006 and was auctioned off last year by Mr Dorsey for charity.
Mr Estavi bought the tweet in the form of a NFT in March 2021.
NFTs have been touted as the digital answer to collectibles. However, they have no tangible form of their own, and experts have warned about risks in the market.
Quite why anyone would want to pay for the vacuous brain farts of the idiot Dorsey is beyond me, but to compare this twat with da Vinci is massively insulting to the latter. And da Vici produced something of genuine value – not just monetary, but of beauty – that has lasted for five hundred years. Dorsey will be remembered as a man who tried to kill free speech. A man who is objectively evil. A piece of scum, that is more usually found on the sole of an inadvertent shoe. Someone who is best forgotten – and the drivel of his first tweet isn’t worth a bean. It is typical of the kind of vacuous, inanity that one expects on his toxic platform
To pay for this is moronic. To pay for it without actually owning anything tangible is beyond moronic. It takes stupidity to a whole new level. However, the market, being a good thing, punishes such stupidity and this is playing out before our very eyes. NFTs are the 21st Century version of the South Sea Bubble and serve to remind us that no matter how sophisticated we think we are, a fool and his money are still easily parted. Estavi and Dorsey deserve each other.
“I think the value of this NFT is far greater than you can imagine and whoever wants to buy it must be worthy.”
No. Really, no. It’s not worth the paper it is written on.
I don’t think it’s stupidity being taken to new levels, rather it’s narcissism.
Was it the Tate who recently sold “digital signatures” of Turner’s recently? That at least was associated with something of true beauty. But a tweet!?
Since you just quoted the tweet in question, in what sense does he own it? If it was something like the rights to music, where people have to pay you royalties to use it, there is a least the potential for a return on your money. With the South Sea Bubble people did initially make money and some who bailed out before it collapsed got very rich. With NFTs you seem to be literally buying nothing.
That is just taking the absurdity / stupidity a bit further.
Action painting, the coloured rectangles (Mondrian?), the urinal, the provocatively arranged array of bricks, statues made of shit, both literally and metaphorically, animals various cut in half, a post shag unmade bed, childish statues made Art by being huge, covering the country side with foil (Although this scam has developed by covering the countryside with shiny panels and huge Tellytubbies style whirling – but not much this last month-old Mercedes logos – at vast expense to the poor.
Those “artworks” that you are referring to tend to become famous because certain pretentious people get to buy them using other people’s money. Get the government out of the business then not many people would buy stuff that has little or no artistic merit.
“The whole thing relies on people believing in the magic for it to survive”
Fiat currencies anyone?
Not Fungible Tokens are a scam
Well, at least they don’t damage or kill people unlike the experimental drugs taxpayers must pay for
https://boriquagato.substack.com/p/us-covid-test-positivity-rates-by
Dorsey will be remembered as a man who tried to kill free speech. A man who is objectively evil. A piece of scum, that is more usually found on the sole of an inadvertent shoe
Excellent description
Douglas Murray: Does Elon Musk have a plan around Twitter’s poison pill?
https://www.youtube.com/watch?v=JhAe2y81GDE
Erm . . . shouldn’t that be ‘not worth the paper it isn’t written on’?