A non-fungible token (NFT) collector sold an EtherRock for less than one penny ($0.0012) while it was valued at $1 million. The unlucky owner mixed up the units WEI and ETH.
An expensive mistake
A simple blunder caused a non-fungible token (NFT) collector to sell his prized EtherRock for 444 WEI instead of 444 ETH, or a tenth of a penny instead of $1.2 million. DinoDealer, the seller, mixed up the units WEI and ETH.
To put this in context, 1 ETH is equal to 1,000,000,000,000,000,000 WEI, therefore 444 WEI is less than a fraction of a cent (about $0.0012). The unlucky vendor, DinoDealer, stated on Twitter:
“With one click, my entire net worth of about $1 million was gone. Is there any hope? Am I GMI*? My NFT was immediately bought by a robot. »
According to EtherRock, the new owner offered the NFT for sale for 234 ETH, or around $600,000.
DinoDealer, on the other hand, appears to have accepted the loss, publicly disclosing the bot’s address. He dismissed the incident by changing his Twitter profile image and adding a tearful emoji after his handle.
What exactly is EtherRock?
EtherRock is regarded as one of the earliest Ethereum-based NFT initiatives (ETH). The collection was established at the end of 2017, just a few months after the well-known CryptoPunks. As a reminder, the EtherRock is made up of 100 pictures of rocks of the same size and color.
On the official website, we can read:
“These virtual stones have NO PURPOSE other than to be able to be bought and sold, and to give you a strong sense of pride in owning one of the 100 rocks. »
Whether it’s due to a decrease in their number or their historical value, EthereumRock’s NFTs are now trading at gold prices. Currently, the minimum price for a rocher is 234 ETH, which is the equivalent to $600,000 USD. The most expensive sale until date is around $3,7 million dollars (900 ETH) for the rocky number #55.
However, sales in the six or seven digit range have not always been the norm. In fact, just 20 stones were sold between 2017 and 2020 at more reasonable prices. As an example, in March 2018, there were sales of EthereumRock for 0.33 and 0.44 ETH, at a time when Ether was not worth more than $800.
Source : Vice