NFTs have become extremely popular over the last year, however, many have expressed some concern and skepticism over their use case. After all, most NFTs are simply images that can be saved to your browser, for no cost at all. Despite this, people are still purchasing NFTs for hundreds of thousands of dollars, just so they can have a certificate that says they are the official owner of that NFT.
A good example of this is businessman Sina Estavi who purchased an NFT of Jack Dorsey's first-ever tweet for a whopping $2.9 million. At the time of purchasing the NFT, Estavi claimed that this was a great deal as the NFT would be worth millions of dollars more in the future.
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According to the BBC, Estavi tried selling the NFT for charity recently, and he believed he could get at least $10 million for the NFT. In the end, he only got seven bids, with the largest totaling just $6,222.36. Based on this very small figure, it seems as though the NFT has lost 99.8 percent of its value, which is pretty bad. Of course, things could change, but for now, the NFT market is looking bleak.
If you currently hold NFTs, this is probably a hard story to consume. For a year, they seemed to be the biggest thing in the investment world, but now, many are catching on to the fact that they could just screenshot an NFT and consume it without having to spend a dime.