NFT collector gets $280 top bid for Jack Dorsey NFT he bought at $2.9m last year | Hacker News Reader

NFT collector gets $280 top bid for Jack Dorsey NFT he bought at $2.9m last year

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36 pointsbinarynate8 comments

Imagine how many people fell into this craze and went ahead to "invest" money that they couldn't afford to lose. Maybe 1k, 5k, 10k - for some this is enormous amount of money.

But then to be met with a, "Yeah, but, I don't care about this NFT, it's old, good luck selling it." response... That's as stark of a wake up call as you can get.

> Imagine how many people fell into this craze and went ahead to "invest" money that they couldn't afford to lose. Maybe 1k, 5k, 10k - for some this is enormous amount of money.

That’s an accurate description for almost the entire crypto/nft/defi industry.

Look at price and volume action for almost every coin or product launch. Check when they opened their Twitter account. Check when their 60k+ followers opened their accounts, and ask how an obscure coin/nft appeared out of nowhere and managed to get tens of thousands of followers in weeks.

There are legitimate defi companies. The industry, at the moment, is a snake pit.

Who doesn't love that blog. The only thing missing is the wicked, savagely funny commenters from fuckedcompany.com

I would be happy to see that again.

Stale bid, currently around $6K

Collector or speculator?

When you’re paying 1m+ for digital „property“ that doesn’t produce income or can’t be leased or otherwise converted into income without selling it to the next sucker, is there any difference?

Well if you thought there was an intrinsic value in the object you wouldn’t be too sad to keep it in your “collection”.

I dunno about this guy though.

> Well if you thought there was an intrinsic value in the object you wouldn’t be too sad to keep it in your “collection”.

I agree with you. There’s also a very legitimate argument for buying NFTs to support digital content creators.

However, once you reach seven figures, you’ve reached a very exclusive level generally dominated by well known artists, with a market supported by extremely wealthy institutions and investors.

There is almost no reason to believe that a Jack Dorsey NFT is worth seven figured absent what I listed above. This was speculation.

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