A CryptoPunk NFT was sold for just $19,400 in Ethereum (CRYPTO: ETH) in what looks to be a “fat finger” trade.
What Happened: Earlier today, CryptoPunk 7557 sold for 4.44 ETH, which was barely a fraction of its true value.
Punk 7557 bought for 4.44 ETH ($19,366.33 USD) by 0x6f60c2 from 0xcbdcc4. https://t.co/lVSlOYBSxX #cryptopunks #ethereum pic.twitter.com/KAd85mgeIg
— CryptoPunks Bot (@cryptopunksbot) November 1, 2021
This particular CryptoPunk was part of a collection of 55 Punks with the “Tiara” attribute. To put things into perspective, the cheapest Tiara Punk is worth 325 ETH or $1.4 million.
It is likely that the listing price was a manual error by the seller who presumably intended to offer the Punk for a price of 4444 ETH or $19.5 million.
This hurts. @larvalabs take a look at the offer history, it's clear that the seller wanted to put 4,444 and put 4.444 instead. This cries for a UI warning - so far below the floor is clearly user error and should be avoided. It's a 100.000 USD error :/ pic.twitter.com/uTBwMtVDqP
— Dominic Eskofier (@DolAtoR) November 1, 2021
The last price that was paid for Punk 7,557 was 8,888 ETH, or $31 million.
Seeing that the CryptoPunk was being sold for barely a fraction of its market value, the buyer used the Flashbots service to front-run the buy order by essentially “bribing” Ethereum miners to get a priority transaction through.
The buyer sent 3.33 ETH to the F2Pool Ethereum miners to ensure he purchased the NFT before anyone else.
Photo by Michael Dziedzic on Unsplash.
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