A Rocky NFTeachable Moment

A rock NFT valued at 444 ether (ETH), or $1.2 million, sold for 444 Wei ($0.0012) to a bot as the seller, DinoDealer, confused WEI and ETH. In a tweet, the seller said, “in one click my entire net worth of ~$1 million dollars, gone.”

This was pure user error. According to a tweet by the seller, the unintentional bargain was snapped up by a bot designed to time auction bids to the last second. (BTW, there are dozens of good bot sniping tools available online for OpenSea, and hundreds of good ones for eBay, Reverb, and other auction sites).

What are the NFTeachable moments? In no particular order: Decimal points matter. Labels matter. The fine print matters. Not your keys, not your coins (OpenSea had custody of the keys to this NFT). And… if you make a mistake, there’s no one to go see. Blockchain transactions are immutable and irreversible.

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications, co-founder of Metacademy, and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and his latest book, Blockchain - Cryptocurrency, NFTs & Smart Contracts: An executive guide to the world of decentralized finance, is an Amazon #1 Bestseller. Follow @shellypalmer or visit shellypalmer.com.

Categories

PreviousBored Ape Yacht Club creates a cryptocurrency to fund games, events, and merch NextWhat is the Metaverse?

Get Briefed Every Day!

Subscribe to my daily newsletter featuring current events and the top stories in technology, media, and marketing.

Subscribe