How The Biggest NFT Blunders Happened

It’s a no-brainer that the NFT fever has gripped the world, especially in the past couple of years, hasn’t it? 

From celebrities entering the NFT space, and global brands launching their NFTs to numerous NFT enthusiasts around the world earning handsome bucks, it’s all happening with NFTs.

In fact, NFTs have even helped a lot of common people around the world turn around their destinies and made them even millionaires, irrespective of their age and profession.

But there’s a flip side too.

Every now and then, NFT blunders are quick to take the spotlight. Whether it’s an alleged scam or mistake on the part of the NFT holder, the loss often turns out to be as high as millions!

While scams are something which are mostly not in our control unless it’s a mistake from the NFT holder’s end that paved the way for the scam, a lot of errors, mistakes or any other act of carelessness are often the cause of many NFT blunders and losses.

In the recent past itself, some instances are indicative of ‘honest mistakes’ by the NFT holders. 

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Also Read: This Indonesian Student’s ‘$3 NFT Selfies’ Are Now Worth Millions!

Cryptocurrency Mixup

One of the recent and biggest pieces of evidence of how the tiniest mistakes can land you into losses or almost wipe out your potential profits, is this case. In March 2022, an NFT collector had mistakenly sold a ‘rock’ drawing worth $1 million for next to nothing ($0.0012), due to crypto currency mixup. 

He just erroneously listed it for 444 wei instead of 444 eth. So, in just one click, his entire net worth of ~$1 million dollars was gone! For the uninitiated, wei is the lowest denomination of the Ethereum cryptocurrency. 1 Ethereum=1000000000000000000 wei.

So, a cryptocurrency mixup is among the reasons you can commit NFT blunders when buying or selling it.

The Fat Finger Error

Another NFT blunder is the ‘fat finger error’.

In December 2021, a trader reportedly sold a Bored Ape NFT for almost $3,000 instead of $300,000 due to ‘fat-finger’ mistake.

A fat-finger error is where a trader places the wrong bet on a stock or other financial asset because of a typing mistake. 

The trader, in this case, identified only as Max or “maxnaut” online, wanted to list his NFT for 75 ether, or about $300,000. But a “lapse of concentration” caused him to make an error and accidentally type in 0.75 ether as the listing price!

Within the blink of an eye, a buyer jumped in and even paid $34,000 in gas fees so that their transaction would be processed faster than anybody else’s! 

For the uninitiated, gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain. 

Indeed, these above-mentioned examples are some of the instances which should be taken as learnings for NFT enthusiasts. 

So, whether you are buying or selling NFTs, make sure you are attentive to even the most minute detail about the NFT, transaction, cryptocurrency, platform etc.

After all, it takes just one tiny mistake or error to wipe out thousands or even millions of dollars and land you into deep losses when trading NFTs!  

Also Read: World’s First NFT Restaurant To Open In New York In 2023

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