NFT owner makes mistakes in his life



That’s what can happen when you save all your net worth in a jpeg.

In the crypto and NFT space, small mistakes can cost a lot. This was recently discovered by a Twitter user who accidentally sold his very valuable NFT for pennies. We clarify how this could have happened and why the NFT dealer is unlikely to get their money back.

What happened? Twitter user @dino_dealer reported on the platform that he lost his entire net worth of over $1 million with just one click:

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



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He wanted to offer an NFT from the Etherrock collection on a marketplace. Etherrock is one of the earliest NFT collections, which is why jpegs of these stones are popular with dealers and collectors. Specifically, it is ether rock number 44.

The user wanted to offer this for 444 ETH, which currently corresponds to a value of more than one million euros. Instead, he stopped bidding on his NFT for 444 Wei. Wei is to ETH what the cent is to the euro. So basically just a smaller unit of cryptocurrency.

However, a Wei is not a hundredth of an ETA, but a trillionth. It’s a one followed by 18 zeros. Thus, the trader did not offer his NFT, dated March 16, 2022, for just under 1.1 million euros, but for much less than a penny.

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The bot grabbed the offer

You rarely see such a cheap offer in NFT-Land. That’s why a trading robot secured the offer in seconds. According to the retailer, who is now on Twitter rock dust calls, the bot wanted to resell the NFT directly in the same transaction for around 574,000 euros. Not a bad deal for the bot.

The trader is unlikely to see their money or NFT again. Because the ETH cryptocurrency is based on blockchain technology. Etherrocks are also on the same blockchain. Transactions are final here. This means that if you send ETH or NFT to the blockchain, you cannot get them back.

Here, there is no intermediary like a bank that could intervene. If such a transaction happens to you accidentally, you can only hope that the recipient will voluntarily return the currency or NFT to you:

Crypto customer service? Hello. Can I make a reversal request?

— Rock dust 😭 (@dino_dealer) March 10, 2022



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NFTs are also often discussed in the gaming world. However, its usefulness raises many questions. However, EA sees NFTs and blockchain as the future. You can read more about it here:

Have you ever had touchpoints with NFTs or cryptocurrencies? Do you think this is a useful technology or just a waste of energy? Please let us know.

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