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Man Loses Millions on NFT Gamble

Source: Sarah Do Couto Global News, April 17, 2022

The NFT was up in the online auction for seven days.

For the uninitiated, buying a non-fungible token (NFT) may seem like an immediate — albeit, expensive — financial win. However, that’s not always the case.

Just last month, an NFT by graphic designer Beeple sold for US$69.4 million at auction. So when crypto entrepreneur Sina Estavi listed an NFT of Twitter co-founder Jack Dorsey’s first tweet for $48 million last week, many were shocked to find the highest bid at the auction’s close was only $277.

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