A devastating mistake has landed an NFT owner in hot water. The proud owner of a CryptoPunk, which he had just purchased for an impressive 77 ETH ($123,434), destroyed this by accident while attempting to wrap it and borrow against its value.
The tragedy happened when the owner followed unclear instructions, causing him to send the valuable NFT to the burn address rather than wrapping it as planned. The owner is currently in shock and distress because he can’t accept the fact that he lost those NFTs that he had purchased after much struggle.
The owner used borrowed funds to purchase rare digital collectibles, compounding their already crushing financial loss. CryptoPunks is one of the most well-known early NFT projects, known for their distinctive pixelated portraits of punk rockers, zombies, aliens, and other bizarre characters.
With only 10,000 ever made, each one has significant value in the quickly evolving NFT market. Naturally, this tragic incident serves as a friendly warning to those considering investing in NFTs. While these digital assets may appear simple to some, there are risks associated with such investments that should be carefully examined and resolved to avoid further loss.
Twitter is Buzzing Following the Recent Incident
Soon after the news of the NFT loss spread, netizens flocked to Twitter and shared their thoughts and memes on the subject.
One Twitter user also questioned the claims about Blockchain’s user-friendly approach and unclear guidelines.