A costly mistake
Through a message relayed on Twitter, we learn that a CryptoPunk holder has committed the irreparable: mistakenly selling the non-fungible token (NFT) for less than a penny.
Punk 3860 bought for 99 Wei (
– CryptoPunks Bot (@cryptopunksbot) August 4, 2021
According to blockchain data found on Larva Labs, the CryptoPunk in question is number 3860. The latter represents a male character smoking a cigarette.
His latest transaction reports a sale of 30 Ether, the equivalent of nearly $ 69,000 during the transaction. Nonetheless, its owner made a mistake and on Twitter Float Capital co-founder Jonathan Clark said:
“The former owner of CryptoPunk allegedly mistakenly listed the artwork at this absurdly low price instead of creating a whitelist so that only he could buy it. “
Also, to ensure a good transaction, the buyer made sure to get ahead of everyone by paying a miner 22 Ether (or $ 57,000) in order to have the priority of the inclusion of his transaction in a block.
To make this contact successful, he would have used Flashbots, a protocol that allows private communications between Ethereum users and miners.
After taking this action, the buyer of the CryptoPunk would have sold it within six hours for a price of 52 Ether (or nearly $ 137,000). Thus, the latter made a profit of about 80,000 dollars.
As a result, CryptoPunks are still attracting so much interest. These are a collection of 10,000 NFTs that represent pixelated faces of humans, monkeys, zombies and aliens. Some have sold for millions of dollars in recent auctions.
Photo credit: Larva Labs via their website
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About the Author: Anthony Bassetto