Mistake Sees $69,000 CryptoPunk NFT Sold for Under 1 Cent

CryptoPunk 3860 is a male with distinctive features: cigarette, big shades, shadow beard and mohawk. The previous owner paid US$69,369 on July 29 before the NFT collectible was snapped up for less than one cent on August 4 and immediately flipped for $136,675.

According to blockchain data, new owner fazebank.eth paid 22 ETH (US$57,000) to ensure he won the sale.

What Happened?

According to Jonathan Clark, co-founder of DeFi platform Float Capital, the owner intended to sell the punk in a whitelisted sale but accidentally made it available on the open market, meaning anybody watching the market closely could see the listing go live and snipe the sale. 

CryptoPunks – Some of the Most Valuable NFTs

The CryptoPunks project, developed by American studio Larva Labs,  has inspired the modern CryptoArt NFT movement and propelled punk-fever bidding wars – seeing the sale price for some skyrocket into the millions. In June, a whopping US$11.8 million – a new world record price – was paid for one CryptoPunk at a Sotheby’s auction in London.

CryptoPunks

Total Value of All Sales (Lifetime)
278.46KΞ ($745.58M)

CryptoPunks are a collection of 10,000 NFTs. Each punk is unique and its value is based on the rareness of its features. These pixelated faces of humans, apes, zombies and aliens have become a highly sought-after commodity among members of the crypto community who sport them as their online avatars.

New Owner Has a Set of 10

The new owner of Punk 3860 now has a total of 10 CryptoPunks in his collection.