non-fungible token holder (NFT) @dino_dealer Accidentally sold my Clipart EtherRock NFT for a fraction of its value.
User listed NFT for 444V instead of 444 ETH. One V is equal to one quintillionth (~1/1000000000000000000) of one ETH.
An NFT is an immutable digital “title deed” that records ownership of physical or digital objects on a blockchain, typically Ethereum. Other blockchains popular with NFTs are Solana and Cardano. , We already know this. This distracts the reader who sees the title and knows it’s a more “advanced” piece. Delete this paragraph.
Shortly after the accidental sale for a fraction of its value, the NFT was again advertised for 234 ETH ($601K), prompting the original seller to regret his mistake on Twitter:
“How is your week? Mine? I mistakenly listed @etherrock #44 for 444 V instead of 444 Eth. The bot snatched it in the same block and tried to flip for 234 Eth, a The click lost my entire net worth of ~$1 million dollars. Is there any hope? Am I a GMI? Can snipers show mercy?” read tweet,
Reactions on Twitter ranged from sympathy to derision, with one user tweeting, “Should the layer be that your entire net worth isn’t in Rock JPEG anymore?” while the other tweeted,[w]It is a pity that people lose their bank due to carelessness. Hang in there, brother! Hope all is well! @dino_dealer,
Bot sniping on the rise on the NFT Marketplace
But what happened that led to such a costly mistake?
Looks like unfortunate user @dino_dealer was the victim of bot sniping. Bot sniping occurs when a bot (automated software) monitors time-based activity, and submits information at the last minute, eliminating the possibility for others to respond to that action.
They are typical features of auction sites such as eBay, and NFT bot sniping is available as a service, rapidly outpacing competitors on NFT marketplaces such as OpenC. A service provider called nftnerds provides spotting of listings within 4 seconds, and configurable auto-triggers to buy NFTs that meet predefined criteria.
Another provider, Upwork, offers bots ranging from $200 to $800.
What is an ethereal rock?
Launched in 2017 sometime after CrytpoPunks, EtherRock is part of an NFT project that includes 100 free clipart images of a rock, each sporting a different color. In October, a bid was made for 900 ETH ($3.5M at the time) on an EtherRock. All 100 rocks were sold out at the time of writing.
Tron founder Justin Sun bought EtherRock for $600K in August last year.
The best-known NFT collections, such as Bored Ape Yacht Club, created by Yuga Labs, and Cryptopunks, created by Larva Labs, are rudimentary cartoon images that have been generated algorithmically. Each algorithmically generated image depicts a character with certain characteristics that have varying degrees of rarity.
For example, Deepak Thapliyal, CEO of Chain, recently bought a Cryptopunk for $23.7M that featured “alien”, one of only nine such images.
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