Mistake makes rare NFT of $69k be sold for less than 1 cent
Punk 3860, a CryptoPunk from a single collection of 10,000 NFTs valued at $69,000, was sold for less than a penny on Wednesday (04) due to a seller error. The case quickly spread in the community, as an attentive user managed to ‘scam’ the system, buy the file and put it up for sale.
According to The Block, the owner intended to sell the NFT through a whitelist and for less than a penny, but ended up leaving the file on the open market. Anyone, therefore, watching the market closely could have seen the listing go live and snap up Punk.
“Some people are playing chess, while others are playing checkers,” Jonathan Clark, co-founder of platform DeFi Float Capital, wrote on Twitter, highlighting the traded value, 99wei — ‘wei’ is the smallest unit of an ethereum (ETH), as well as is the ‘satoshi’ for Bitcoin.
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The @cryptopunksbot account, which tracks and advertises the CryptoPunks trades, also commented: “Punk 3860 bought for 99 Wei (< $0.01 USD) by 0x1919db from 0x4eea85”.
— CryptoPunks Bot (@cryptopunksbot) August 4, 2021
Based on blockchain data, the buyer spent 22 ETH ($57,000) to bribe an Ethereum miner to prioritize adding his transaction to a block.
“They did so using the communication protocol Flashbots, which is commonly used to extract MEV.” explained The Block. SEM is an invisible tax that miners can charge users.
The NFT Punk 3860 still received other bids before it was sold. The maximum bid so far is 35 ETH ($91,000). According to the website, the buyer put the NFT up for sale for 52 ETH ($131,000), concluding that if anyone decides to buy it at that price, the original buyer will make a profit of $74,000.