Misstep, This Guy Burns His Own $135K CryptoPunk NFT!


 "If these NFT collectors were more careful, it wouldn't be like this, right?"

A non-fungible token (NFT) collector who wanted to borrow money to buy other NFTs suffered a huge loss when his collection of CryptoPunks worth 77 Ethereum (ETH) was sent to a burn address to be permanently destroyed.

Explained in more detail, an NFT collector named Brandon Riley bought CryptoPunk #685 which cost 77 ETH on March 13 with the hope of keeping it for the long term.

As an experienced investor, Riley borrowed money to buy other NFTs through a popular technique known as wrapping*, where he learned how important it is to have a digital collection before the crypto market sees an increase in price.

*Is a unique digital asset that represents the ownership of a specific item or asset that enables the creation of new markets and investment opportunities

But while doing NFT wrapping, Riley accidentally sent the CryptoPunk #685 to the burning address and that careless action has caused his digital collection to be deleted immediately.

It is understood that Riley has lost 77 ETH worth $135,372 while doing the process.

After there were individuals who believed that Riley had a lot of money saved, he quickly revealed that he had bought the NFT through a loan.

The string, most parties are found to blame interfaces and complex instructions that cause investors to experience a number of losses.