Well, folks, it looks like we’ve got a real-life nightmare on our hands, and it’s all thanks to our pal Brendon Riley. This guy managed to obliterate a third of his capital with just one little keystroke mishap.
Let’s talk about a major blunder in the world of CryptoPunks! I mean, seriously, are these pixelated images still all the rage? Do any of you even have around 70 Ethereum lying around to hop on this bandwagon?
CryptoPunk #685 (77 ETH) burned due to a wrapping error
Looks like our buddy Brandon Riley had a little NFT mishap on March 25th. He accidentally sent his CryptoPunk #685 to the burn address, and as a result, he lost a third of his fortune. Ouch!
But hey, at least the guy’s got some chutzpah. Instead of wallowing in self-pity, he went ahead and asked Yuga Labs to sell him the original #685 token from the 2017 collection as a consolation prize.
Riley borrows to buy NFTs for capital during the crypto bull market
According to CoinTelegraph, our dear friend Riley apparently went ahead and bought CryptoPunk #685 for a whopping 77 ETH on borrowed money, hoping to hold it for the long haul. As an experienced investor, he knew the importance of snagging those fresh NFTs right before the crypto market went bull. But of course, as luck would have it, he ended up accidentally sending the damn thing to the wrong address during some convoluted NFT wrapping process, effectively burning it for all eternity. Could definitely use a smart contract for those amateurs, am I right?
Read also Tokenized Titanic Artifacts – New NFT Partnership
In summary
Riley’s unfortunate incident highlights the issues that many people face in the digital asset industry due to the often complex and irreversible nature of transactions. And since there are no financial intermediaries involved, Riley is unable to do anything to retrieve his lost CryptoPunk. But hey, the story has a somewhat happy ending – Riley has become somewhat famous in the NFT community. One user gifted him a similar NFT issued on the Ordinals Bitcoin blockchain protocol. Anyway, I’ll just be here chilling with my coffee, watching from the sidelines. Good luck to all you CryptoPunk enthusiasts out there, and may the blockchain technology gods smile upon you.
FAQ about CryptoPunks
Some experts are comparing the buying and collecting of CryptoPunks to trading crypto collectibles like cards and physical works of art. Some people view NFTs as the collecting of the future. Who in their right mind would pay hundreds of thousands of dollars for what’s essentially a collectible card? Keep reading to find out what CryptoPunks are and why they’re so valuable.
What Are CryptoPunks?
Alright, listen up folks! So, CryptoPunks are basically these pixelated images of dudes and chicks, designed to resemble characters from punk-themed works. These 10,000 avatars are like a freakin’ squad of digital art characters. And you know what makes them so special? They’re all one-of-a-kind, baby! Each CryptoPunk is unique, which means there ain’t no two characters that are exactly the same. And get this, there are even Punks that look like zombies, monkeys, or aliens. We’ve got five types in total, baby.
Why did CryptoPunks sell for insane amounts of cash?
Cryptopunks are valuable because people believe they are valuable – it’s all about perception, baby. Plus, they were the first real NFT project, so they have some historical street cred. They’re like the OGs of the NFT world, you know?
And let’s not forget about the attributes, guys. The more unique and rare the attributes, the more valuable the Cryptopunk. Like those nine alien punks? They’re rarer than a unicorn riding a leprechaun, so you better believe they’re gonna cost ya. And if your punk is sporting a rare hat or accessory, well, it’s like having a Rolex on your wrist – an instant status symbol.
Are CryptoPunks still valuable?
CryptoPunks are a tricky business to evaluate, given that most of their value is based on qualities like heritage and social status. As of now, the floor price for a CryptoPunk is a whopping 64.99 ETH, meaning you’d need over $117,352.44 just to snag the cheapest one. According to the Larva Labs website, CryptoPunks have an average daily trading volume of $736.910 USD, and their entire trading history is worth over two billion dollars in market capitalization. So, do they seem like they’re going to lose value overnight? Yeah, didn’t think so.
How were CryptoPunks claimed?
As per Larva Labs’ website, anyone with an Ethereum wallet could’ve snagged a CryptoPunk for free back in the day, but all 10,000 were snatched up faster than the last slice of pizza at a party. Now, if you want one, you gotta buy it from someone else via the NFT marketplace. It’s like a digital flea market, but way more expensive.
