Posted By Smple Staff

Rug-pulls, Rampant Fraud and the NFT Wasteland

Just over a year ago, then CEO of Twitter, Jack Dorsey, sold his first tweet as an NFT for $2.9M. It wasn’t just his first tweet, of course, it was the first tweet, which as auctions go for Crypto- and NFT-heads was about as appealing as a hunk of sourdough to a famished goose. The nearly $3M sale was a welcome green flag to early advocates in the NFT space that the winds of blockchainge (sorry, couldn’t help myself) were blowing ever more in their favour. And of course, along with Beeple’s Everydays: The First 5000 Days selling for $69M, the ‘line’ was behaving precisely as was foretold: prices were going up, and only up. But that was over a year ago. Now, the owner of the Twitter-spawned NFT has been seeking to flip his purchase and capitalise on his one-year gains – except there’s a problem. In the first week of open bidding, the highest offer was just shy of $10,000, roughly 0.3% of the original sale value. So what in the hell happened?

This Beeple NFT sold for $29 Million USD in 2021
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