Mistakes do happen in the NFT sector. It’s just unfortunate that some are irreversible that it put huge holes in one’s pocket. In one such instance, NFT trader Brandon Riley accidentally burned his CryptoPunk NFT #685 worth $135k while trying to wrap it.
Brandon Riley purchased the Punk 685 for 77 ETH (approximately $135k) with the intention of hodling it forever. Riley sent the NFT to a burn address by mistake while trying to wrap it, which removed the NFT from circulation permanently.
“I was so focused on following the instructions exactly, that I slipped up, destroying a third of my net worth in a single transaction,” Riley tweeted following the incident.
Riley attempted to wrap his punk #685 NFT as an ERC-721 token, to create a new digital token that proved he owned CryptoPunk #685. A CryptoPunk‘s usability, liquidity, and accessibility are all enhanced by wrapping it.
However, by entering the incorrect address, CryptoPunk #685 is now lost forever in circulation. He was planning to take a loan against the NFT.
Riley tweeted “I followed step 4 to ‘write contract’ and ‘register proxy’ then Step 5 to copy proxy address. I should have known something was wrong and realized that this was a mistake, but I didn’t. It wasn’t until I went to mint my wrapped punk, that the astronomical gas gave it away.”
The unlucky NFT trader purchased CryptoPunk #685 NFT last week wishing to hodl it for at least a decade along with his BAYC NFT #586. But things don’t always go the way we want them to.
While many of the community members empathized with Riley, giving him consolation, few others were brutal saying the NFT trader made a silly mistake that cost him one-third of his net worth.
Riley added “this is truly a devastating mistake for me. But I did this myself, and it is no one’s fault but my own. Both the beauty and the curse of self-custody.”
The good news is that user @olliesblog resurrected Punk 685 as an Ordinal inscription. Now the NFT lives forever in the Bitcoin blockchain. Ordinals protocol is the new raging sensation as recently, BAYC #1626 owner burned the NFT to switch its existence to Bitcoin via the Ordinals protocol.
Meanwhile, the user guide to wrapping the NFT was updated since the accidental burn. A lot of people called out the site for its confusing guide which cost Riley big time. Currently, conversations are taking place on how to avoid such things from happening in the NFT sector again.
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