- A clipart non-fungible token recently got sold by a collector equalling $1 Million for a cent. This was done to listing of NFT in Wei.
- NFT collector listed their precious NFT for 444 Wei, which they wanted to list for 444 ETH. Wei is the smallest ETH unit.
- He also made a tweet regarding this event, showing his major disappointment, when they made a cent where they could’ve made a million.
Oh, Dear Lord!!!
NFTs are a great source of income for artists as well as collectors. But sometimes stuff won’t go the way we want, and turns out to be a total disaster. A similar thing happened recently, when an NFT collector sold his clipart rock NFT for a penny which was actually worth a million Dollars.
This happened due to a bit of confusion, when price of NFT got set to 444 Wei (smallest ethereum unit) instead of 444 Ethereum.
NFTs are cryptocurrency assets on blockchains to record who’s the owner of that specific virtual file like video, picture, digital art, etc.
Soon after NFT got sold for under a cent, it was listed for 234 ETH. This NFT seller, who unfortunately got screwed in this massive blunder, took to his Twitter handle and shared his lousy luck, and called on for help.
Majority of replies showed disbelief with a bit of mocking thrown in. A Twitter user showed him the silver lining in this event as his entire worth isn’t in a rock image.
EtherRock is a 4-year-old Non-Fungible Token project which perplexingly, went a viral previous year and witnessed its price going to moon. Project contains 100 free clipart pictures of similar animated rock, all featuring a bit of distinct color, transformed into NFTs. EtherRock got a bid for 900 ETH back in October.
Sniper Bots
Bot sniping has got out of hands in NFT marketplaces over previous year — to the point that websites provide bots to assist you others which might be a millisecond swifter.
A listing on Upwork, a gig work platform, to take an instance, claims to provide an NFT sniping bot in several tiers of thousands of Dollars to receive a contending edge if folks are annoyed of being last while getting their hands on Non-Fungible Tokens.
In previous few years, big venture investors, prominent celebrities, as well as blue-chip organizations have doubled down on cryptocurrency investments, betting on digital assets’ potential and constantly growing NFT market.
The international NFT market holds a current net worth of tens of billions of Dollars/
Most well-liked collections like CryptoPunks and Bored Ape Yacht Club, features animated images replicated 10,000 times with algorithmically created alterations.
Folks who acquire NFTs do not get a tangible item, instead, they get a validated record on blockchain, specifically a computer code.
Price comes from object’s fame and supposed rarity, frequently driven by celebrity endorsements.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/03/14/himalayan-blunder-1-million-worth-nft-collectible-bagged-for-a-cent/