Non-fungible tokens are constantly in the news. Interestingly, there have been some rare cases resulted from “mistakes” that happened on the NFT marketplace and have cost the users dearly. Here is an account of top such incidents:
A $1 million worth of clipart rock was unintentionally sold for less than a dime.
An EtherRock NFT valued at $1 million (Rs 7.6 crore) was unintentionally sold for less than a cent by an NFT collector. This happened when instead of 444 ETH, the owner listed their NFT for 444 Wei.
One Wei equals one quintillionth of an Ether, which is the lowest unit of Ether. Etherrock is a part of the collection of 100 cartoon pet rocks that have sold for millions of dollars and are based on free clipart.
The owner, who goes by the username of @dino_dealer on Twitter immediately commented about the incident. “I just erroneously listed @etherrock #44 for 444 Wei instead of 444 ETH,” he tweeted. He also requested the snipers to show some mercy, which is unlikely to happen.
After being sold for less than a penny, the NFT was relisted for 234 ETH (Rs 4.6 crore).
Bored Ape NFT sells for $3,000 instead of $300,000 by mistake.
Another victim is a former owner of the immensely popular BAYC non-fungible token Bored Ape #3457, “Maxnaut,” is another victim. His trap was a costly typographical error known as a “fat finger error” in the financial industry.
Maxnaut typed 0.75 ETH as the selling price for his Bored Ape instead of 75 ETH. They could only watch helplessly as a bot took advantage of his blunder by purchasing the NFT at a lesser price and relisting it for 59.99 ETH, or almost $240,000.
The bot buyer also paid 8 ETH ($32,000) in “gas” fees, which influences the Ethereum network’s speed executes a transaction. This ensured that the sale was nearly instantaneous.
The transaction could not be reversed due to blockchain’s irreversible nature, resulting in a loss of 74.25 ETH, or about $290,000 at current prices.
The NFT was later purchased for 59.99 ETH by OpenSea user “ApelovesApe” on December 13, 2021. The NFT is now available for 85 ETH on ApelovesApe.
The CryptoPunk NFT mistakenly sold for $19K instead of $19M by accident.
CryptoPunks are one of the most in-demand NFT collections in the market. But, even there, some Punks are worth far more than the others. This CryptoPunk was one of 55 Punks with the “Tiara” trait in a group of 55. To put things in perspective, the most affordable (cheap) Tiara Punk is worth 325 ETH ($1.4 million). Not so affordable, is it now?
The previous owner’s listing price was most likely a manual error, who undoubtedly wanted to sell the Punk for 4444 ETH ($19.5 million). A floor price is set for each NFT collection, the lowest price paid for NFTs with common qualities.
This purchase was also completed by a bot that pushed the transaction to the head of the queue by charging high gas expenses upfront. As a result, a user contacted Larva Labs to inquire about the validity of a bid.
Another significant occurrence occurred when Hong Kong’s Bitfinex exchange paid DeversiFi, a decentralized exchange, $24 million in fees to transfer $100,000 worth of USDT (Tether cryptocurrency). After being informed by DeversiFi, the Ethereum miner who got the incorrect payments promptly restored the funds.