CryptoPunk NFT worth over $850,000 sold in error for less than $20,000

CryptoPunk NFT worth over $850,000 sold in error for less than $20,000

One lucky trader has just been able to cop one of the most expensive NFTs in the space for less than 5% of its actual price.

The NFT in question, CryptoPunk 7557, which is worth at least $850,00 was sold for 4.444 ETH which translates to around $19,400 yesterday.

CryptoPunk sells for less than $20,000

CryptoPunk 7557 is one of the few NFTs with a tiara. According to available information, there are only 55 of them and the last known sale of a CryptoPunk with a tiara cost around 197 ETH ($843,000).

Larva Labs, the team behind CryptoPunk was quoted to have said that the cheapest “Tiara Punk” will cost 350 ETH which is roughly $1.5 million.

This means that the listing of the Punk for that ridiculously low price would have been a mistake on the part of the seller. Judging by the price listing history of the asset, the previous owner of the NFT had listed it for 8,888 ETH before it was then erroneously listed for 4.444 ETH.

It would be safe to say to assume that the seller’s intention would have been to list the CryptoPunk for 4,444 ETH and not the price that the asset eventually went for.

Buyer “bribed” transaction through

An interesting aspect of this transaction was the fact that the new buyer paid a “bribe” to a miner to get the transaction done in record time. Per available data, the buyer paid the miner 3.33 ETH to confirm his transaction so that he would be able to purchase the NFT for a pittance.

88833 FUMBLED PUNK #7557🏆 Status: Thoughtful & Fatality🛍 Bought: 59.99 ETH @ $2,277💰 Sold: 4.44 ETH @ $4,290🤝 HODL: 4 months 1 day Ξ LOSS: 55.55 ETH💲 LOSS: -$117,549 (📉 -86%)https://t.co/cR0rvvns4Y— Flip McBot (@nftsalesbot) November 1, 2021

In reaction to the sale, some members of the crypto community have called it a gift. Another member of the community revealed that the seller made a loss of over $100,000 on the sale at that price.

You’ll recall that just last week we reported an interesting NFT transaction that involved a CryptoPunk being sold for over $500 million.

Source