What is an NFT really worth? 

The tweet above was Jack Dorsey’s first NFT. In March 2021, during the early days of the NFT boom, it sold for $2.9 million.

Early this month, the owner, Sina Estavi, listed it for $48 million, promising to give half of that to charity. “Why not give 99% of it,” Dorsey quipped.

Two weeks later, the highest bid was for $280. It now stands at $12,000. If sold at that price, it would be a 99% loss in value.

Jonathan Perkins, cofounder of the NFT platform SuperRare, commented: “There has been a lot of experimentation in the space, and I think we’re running up against the boundaries of speculation.”

Greg Isenberg, CEO of the web3 design firm Late Checkout, had a different take. “This wasn’t a real sale,” he said. “There are only several buyers for something as big as this, and the listing price was unrealistic. Serious buyers wouldn’t bid on this. I didn’t.”

My take: Both comments are true.

The tweet above was Jack Dorsey’s first NFT. In March 2021, during the early days of the NFT boom, it sold for $2.9 million.

Early this month, the owner, Sina Estavi, listed it for $48 million, promising to give half of that to charity. “Why not give 99% of it,” Dorsey quipped.

Two weeks later, the highest bid was for $280. It now stands at $12,000. If sold at that price, it would be a 99% loss in value.

Jonathan Perkins, cofounder of the NFT platform SuperRare, commented: “There has been a lot of experimentation in the space, and I think we’re running up against the boundaries of speculation.”

Greg Isenberg, CEO of the web3 design firm Late Checkout, had a different take. “This wasn’t a real sale,” he said. “There are only several buyers for something as big as this, and the listing price was unrealistic. Serious buyers wouldn’t bid on this. I didn’t.”

My take: Both comments are true.