"Fat Finger" errors or bad investments?  Here are 10 NFTs that were sold at a significant loss as the cryptocurrency markets have cooled down |  Artnet news

“Fat Finger” errors or bad investments? Here are 10 NFTs that were sold at a significant loss as the cryptocurrency markets have cooled down | Artnet news – Mail Bonus

We hear a lot about big NFT sales where prices go up and the seller makes a lot of money. But in recent months, many NFT devices have sold for much less than what they were bought for.

Cryptocurrency markets have plummeted, dragging down NFT sales. But in contrast to variable symbols – that is, cryptocurrencies – the NFT market is much more difficult to control and trades with individual NFTs often carry their own stories.

Celebrities who “acquire” valuable NFTs tend not to sell them. If NFT prices fall too low, NFT collectors will simply stop listing them, hoping that the market will pick them up in the future. Fat finger mistakes, when the seller enters the wrong listing price or accepts the wrong offer, are surprisingly common. When the registration of a fat finger occurs, it is often immediately infested by robots. Strange sales and buying patterns can also be traced to laundry business – when the same person buys and sells by himself – or even Money launderingboth of which are well documented in the NFT market.

Stolen NFT is also a big problem. Lots of museums have some frozen symbol which will not be sold in the market.

The following is a list of NFT that resold for much less – or did not sell at all because the bids were too low – in the months following the NFT boom. Sellers and bidders are often pseudonyms, so we can only guess why they sold at a loss.

CryptoPunk # 273

Bought for $ 1 million on October 19th; sold for $ 139,000 on May 8th

CryptoPunk # 273. Image via OpenSea.

One of the oldest and most well-known collections of NFT is CryptoPunks, developed by Larva Labs in 2017. Last October, CryptoPunk 273, which pointed to a pixelated boy with big sunglasses and a hood, was bought for $ 1 million (265 ETH). That was when the NFT market was hot.

Six months later, the NFT market was cooling and the collector sold it for $ 139,000 (55 ETH), with 80% loss. On June 14, this punk swapped hands again for $ 102,172 (89 ETH), which further represents a fall in prices.

Bored Ape Yacht Club # 9518

Purchased for $ 525,000 on April 30; sold for $ 227,000 on May 10th

Bored Ape Yacht Club # 9518. Image via OpenSea.

On April 30, someone bought an NFT from Bored Ape with a red hat, sleeveless T-shirt and rainbow-colored teeth for $ 525,520 (186 ETH). One and a half weeks later, they sold NFT for half that price – $ 227,360 (112 ETH). Interestingly, the buyer in this transaction, which goes by the username punksOTC, facilitates liquidity trading and private trading, which could explain why this piece was sold for the price it did.

Buyers fest Tweet says: “Are you a professional NFT trader looking to increase volume and lower fees? Send me a DM. “Watch Etherscan, you can see that when Apinn went from the seller to punksOTC, NFT was part of a business that replaced it with several other NFT-related Bored Ape.

Sotheby’s’Punk it! ‘, a collection of 14 CryptoPunks

Estimated to sell for $ 20 million – $ 30 million; Auctions canceled on 23 February due to lack of bids

Larva Labs, Punk It!  collage of CryptoPunks.  Image courtesy of Sotheby's.

Larva Labs, Punk it! collage of CryptoPunks. Image courtesy of Sotheby’s.

If there was ever an NFT auction that was epically unsuccessful, this could have been. Sotheby’s announced its auction in February 2022 under the title “Punk It! as “a truly historic sale for an undeniable historical NFT project. The collection consisted of 104 CryptoPunks. The seller, who goes by the name 0x650d, boasted on Twitter that he had originally bought the entire batch for $ 7 million in ether.

Sotheby’s estimated that the item would go for 20 to 30 million dollars – but in the end it did not sell at all. Twenty-three minutes of the auction, 0x650d, tísti: “Nvm, decided to hodl. ” Sotheby’s did not want to comment on why the seller quit, but sources said Blockworks there were not enough offers.

Jack Dorsey’s first tweet

Purchased for $ 2.9 million March 22, 2021; Highest bid a year later: $ 277

Air never tasted so ... expensive.  $ 2.5 million for Jack Dorsey.  Courtesy of Kenny Schachter.

Jack Dorsey’s first tweet. Courtesy of Kenny Schachter.

By March 2021, the NFT market was booming and NFTs were starting to sell for insane amounts. That was when Jack Dorsey, co-founder of Twitter, made NFT out of his first tweet and put it up for auction on the NFT market Valuables. Crypto entrepreneur Sina Estavi won the auction with 1,630 ETH bids ($ 2.9 million). Estavi called his purchase „The Mona Lisa the digital world. “

Just over a year later Estavi tísti that he was selling his “Mona Lisa. ” He listed it on Opensea for 14,969 ETH (about $ 46 million). When the auction closed a week later, the highest bid was $ 277 in ETH, out of seven bids. As a result, Estavi still maintains NFT.

Melania TrumpState Collection “

The first lady will buy her own NFT for $ 185,000 on January 25th

“Head of State Collection” NFT Melania Trump

On January 11, former First Lady Melania Trump began offering the “Head of State Collection 2022” on the Solana blockchain, to offer a bundle which included a wide-brimmed hat that Melania wore during a visit with French President Emanuel Macron in 2018, along with a watercolor of her with the hat and NFT pointing to a jpeg of the watercolor.

The winning bid was $ 180,000 in tokens (1,800 SOL at the time). En further digging revealed that at the last minute, the author of NFT transferred some funds to various digital wallets and submitted the winning bid. It looked like the auction was over what a doll, owners bought their own NFT. The money went to charity.

Bored Ape Yacht Club # 3158

Purchased for $ 200,000 on May 11; sold for $ 21,000 on May 23rd

Bored Ape Yacht Club # 3158. Image via OpenSea.

A monkey with rainbow pants and a mohawk sold for $ 202,000 (88 ETH) on May 11th. Two weeks later, on May 23, it sold for one-tenth of the price – $ 20,680 (10 ETH). This turned out to be another fat finger tragedy. “Yes, it was a fat finger. Was trying to register at 105. Never thought it would happen to me. Devastating, “said the seller who follows @nft_metaman in a Tweet.

Doggy # 4292

Bought for $ 32,000 on April 25; listed for $ 10 million; Recent highest bid: $ 480

Doggy # 4292. Image via OpenSea.

A Snoop Dog Commander NFT, title Doggy # 4292, was purchased in early April for about $ 32,000 (9.69 ETH). The image of a green-skinned astronaut standing on the Hollywood Walk of Fame star is now up for auction – and has been for many months – with a target price of 8,888 ETH (approximately $ 10 million). The last highest bid was for 0.44 ETH – about $ 480.

He should have taken $ 480. The current floor prices for Snoop Dogg’s “Doggies” collection is $ 249 (0.23 ETH).

The owner paid too much for this work. The person who bought it from him had paid $ 420 to beat this NFT, then tried to turn it around for $ 162,000, lowering the price every month until a suction cup was big enough. It eventually sold for $ 33,000, that was much higher but some resale from this collection.

CrypToadz # 2155

Purchased for $ 1 million October 5th; sold for $ 8,300 on June 13th

CrypToadz # 2155 by GREMPLIN. Image via OpenSea.

It does not always pay to hodla. CryptToadz is an avatar NFT collection. In October 2021, a collector paid $ 1.05 million (300 ETH) for it CrypToadz # 2155, pixel image of a skeleton of a fox with big yellow eyes on a blue background. Eight months later, on June 13, when the cryptocurrency market crashed, he sold NFT for 6.9 ETH (about $ 8,300) —a $ 1.02 million loss. It seems that collectors have been trying to reduce its losses during a downturn in the market.

Bored Ape Yacht Club # 7256

Bought for $ 513,000 on April 30; sold for $ 161 on June 1st

Bored Ape Yacht Club # 7256. Image via OpenSea.

On April 30, NFT bought a collector Bored Api # 7256, a monkey with an X for his eyes, a hat and a dagger in his mouth, for $ 513,000 (188 ETH). On the 1st of June he sold the monkey for $ 161 (.088 ETH).

It’s hard to know for sure what happened, but this looks like a fat finger mistake by an overly anxious seller. In the days before the sale, the seller, who goes by the username onekiller, logged in and canceled registrations for the monkey several times, as if he was not quite ready to take the leap. The records were all between 250 ETH and 145 ETH, indicating that one murderer had full control of his account (meaning it was not broken into), but no control over his fingers.

Bored Ape Yacht Club # 835

Bought at $ 50,000 on August 9, 2021, sold for $ 115 on March 28

Bored Ape Yacht Club # 835. Image via OpenSea.

Mistakes happen! It just seems to happen more often when it comes to Bored Apes. Last summer, an NFT buyer named Calvin Chan paid $ 50,000 (16 ETH) for a Bored Ape with stumps, a leather jacket and a cigarette dangling from his lips. On the 28th of March. he sold the monkey for $ 115 (115 DAI) on OpenSea.

Chan could have sold his NFT for considerably more – there were other offers closer to the NFT market value that he did not accept – suggesting that this was a fat finger and that he might have gotten DAI (a stablecoin dollar-denominated cryptocurrency) . confused with ether.

He later announced on Twitter he had been “wrapped” by this and other Bored Ape-related NFT. “I am good. In shock, but all right, “he said. “Do I know what happened? No. I’m still trying to wrap my head in how and why. “

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