Here’s how rock NFT owner sold his million-dollar NFT for next to nothing

Mistakes are a part of life but not when it comes to money in the crypto industry. The crypto market is known for its extreme volatility and also, its non-reversible transactions. So what happens when a user accidently presses the wrong button? Other users take advantage. This is what happened to the owner of rock NFT. With the likes of Mila Kunis joining the NFT industry, the popularity of these tokens are soaring.

A costly misstep in the NFT world

A Twitter user by the name of Dino Dealer cost himself over a million dollars because of a clumsy mistake. What happened was that the dealer actually closed up a deal on rock NFT which was worth over 444 ETH for just 444 Wei which is worth next to nothing. Moreover, it is important to note this clumsy mistake that the seller made was noted by a snipe bot. 

How's your week?

Mine? I just erroneously listed @etherrock #44 for 444 wei instead of 444 eth🤦‍♂️

Bot sniped it in the same block and trying to flip for 234 eth

In one click my entire net worth of ~$1 million dollars, gone

Is there any hope?

Am I GMI?

Can snipers show mercy? pic.twitter.com/yq9Itb2Ukb

— CoinMarketCope (@coinmarketcope) March 10, 2022

A snipe bot is an automated bot that continuously monitors time-based activity and submits information at the very last moment. Thus the basic concept is to remove the opportunity for other people to respond to that action. This is what happened to the Dino Dealer. A snipe bot noted this on March 10 and before the seller could do anything, the rock NFT was gone. 

It is important to note that these bots came into existence from eBay where people are continuously looking for the best deals. However, it seems that the NFT world is also full of such bots. 

Similar incidents

Similar incidents have been reported by many users. Recently, we noted that a user sold his Bored Ape Yacht NFT due to a “fat finger” error. The NFT was worth nearly $300K and due to a clumsy mistake while typing the correct numbers, it was sold for just $3K. This is a similar situation to Dino Dealer and similar cases seem to be one a rise. However, TheCoinRise also noted a decline in NFT search in 2022.