A non-fungible token (NFT) collector accidentally sold his Clipart rock NFT worth $1 million for less than a penny.
They listed their valuable NFT for 444 Wei instead of 444 ETH. Wei is the smallest unit of Ether and one Wei is equal to one quintillionth of an Ether.
A non-fungible token (NFT) is a crypto asset that uses blockchain to record who owns a digital file such as an image or video.
Soon after the NFT was sold for less than a penny, it was listed again for 234 ETH (Rs 4.6 crore). This NFT seller who made a huge blunder took to Twitter to share his bad luck and asked for help.
He wrote, “How’s your week? Mine? I just erroneously listed @etherrock #44 for 444 wei instead of 444 eth. Bot sniped it in the same block and tried to flip for 234 eth In one click my entire net worth of ~$1 million dollars, was gone. Is there any hope? Am I GMI? Can snipers show mercy?”
How’s your week?
Mine? I just erroneously listed @etherrock #44 for 444 wei instead of 444 eth🤦♂️
Bot sniped it in the same block and trying to flip for 234 eth
In one click my entire net worth of ~$1 million dollars, gone
Is there any hope?
Am I GMI?
Can snipers show mercy? pic.twitter.com/yq9Itb2Ukb
— Rock dust 😭 (@dino_dealer) March 10, 2022
Most replies expressed disbelief with a little mocking thrown in. One Twitter user replied, “the silver lining is that your entire net worth is no longer in a rock jpeg?”
EtherRock is a four-year-old NFT project that inexplicably went viral last year and saw its prices skyrocket. The project consists of 100 free clipart images of the same cartoon rock, each featuring a slightly different color, turned into NFTs. In October, a bid was placed on one EtherRock for 900 ETH (then $3.5 million).
Sorry for ur loss man. Im sure u will be fine and be a greater person. I lost a tiny fraction of what u lost and felt like my life was over. But hey we are still alive. And maybe being alive is enough sometimes. Keep grinding brother.
— Nightman (@NightmanB_23) March 10, 2022
Bot sniping has become rampant in NFT marketplaces over the past year―to the point that websites offer bots to help you beat others that may be a millisecond faster. One listing on gig work platform UpWork, to take one example, claims to offer an NFT sniping bot in various tiers for thousands of dollars so you can get a “competitive edge” if you’re “tired of being LAST” when trying to buy NFTs.
In the past few years, large venture investors, celebrities and blue-chip companies have doubled down on crypto investments, betting on the potential of cryptocurrencies and the rapidly growing market for NFTs.
The global NFT market is already worth tens of billions of dollars.
The most famous collections, Bored Ape Yacht Club and CryptoPunks, feature cartoon images replicated 10,000 times with algorithm-generated variations.
They are often pilloried for blocky graphics or tacky animation style.
Also, those who buy NFTs do not get a physical product, rather they receive a verified entry on a blockchain, essentially a piece of computer code.
The value comes from the supposed rarity or fame of the object, often driven by celebrity endorsements.