How much is an unlocked iPhone worth?

Apparently $3,049, as of 3:48 p.m. EST on Friday. That's how much George Hotz, a 17-year-old from Glen Rock, N.J. (who says we're only good for highway exits?), currently is fetching on eBay for a, drum roll please, UNLOCKED iPHONE.

Or, as he calls it, a "piece of cell phone history."

Officially, he's selling what he claims is the second unlocked iPhone. The first, Hotz uses as his personal phone. The teen details the elaborate 10-step process on his blog.

Hotz unlocked the Apple device, which went on sale June 29, so it could be compatible with T-Mobile's network. The phone was designed to only run on the AT&T network.

This opens the door for the iPhone, currently only available in the United States, to be used overseas. T-Mobile is a major mobile carrier in Europe.

Researchers had been feverishly working to unlock the iPhone, which has attracted the attention of hackers all over the world. In fact, Hotz said he worked with two Russians (and a bunch of caffeinated beverages) on the hack.

He told the Associated Press that he fears his accomplishment, and the publishing of instructions, will lead to an underground industry catering to the creation and sale of these unlocked phones to customers overseas.

Hotz is not in it for the money, apparently.

Let's hope that eBay cash at least gets him a few more cases of Red Bull.

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