This morning I ran across an article that after I read it made me wonder if this could be a future application use for NFTs. Marc Ostrofsky was an early investor in the Theranos dating all the way back to 2004. While the company is worth nothing now and there not really being a way to recoup the money besides lawsuits that could fail Ostrofsky chose a different route to try and recoup his money.
He is auctioning off on Open Seas his now worthless Series A stock certificate for 500,000 that was signed by founder Elizabeth Holmes as an NFT. Holmes is currently on trial for the fraud that she committed while leading the company and investors have found it hard to recoup their losses in the company. What Ostrofky is banking on is a really fascinating idea and it's the novelty of the crimes that Holmes was able to pull off.
Like other things, the NFT does not have any value itself. Instead, the value of the NFT will be in the story of Theranos. Theranos was once a Silicon Valley darling. At one point the company was valued at over $8 billion USD and made Holmes the youngest billionaire in the world as she had pulled off this feat before the age of 30. This company managed to defraud well-known and well-respected individuals across the US and world who are incredibly smart making this all the more spectacular.
The idea of using this notoriety to try and get something out of nothing is a fantastic idea and one that I wonder will pick up steam. People who follow and collect memorabilia from infamous people like this could be willing to pour huge sums of money into something like this! Unlocking value from these scams could really help people that were really hurt by exact things like this! I expect that this could be a really beneficial way to help people out moving forward!
Let me know what you guys think in the comments below. Will this be a new segment opened up to help people recover from scams like this in the future? Also I have finally created and launched a Twitter account specifically for crypto and the crypto world and would love it if you would follow me @Cje95_
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it!
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