{"id":5293,"date":"2023-03-27T16:58:06","date_gmt":"2023-03-27T16:58:06","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/03\/27\/oops-nft-collector-accidentally-burns-rare-cryptopunk\/"},"modified":"2023-03-27T16:58:06","modified_gmt":"2023-03-27T16:58:06","slug":"oops-nft-collector-accidentally-burns-rare-cryptopunk","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/03\/27\/oops-nft-collector-accidentally-burns-rare-cryptopunk\/","title":{"rendered":"Oops! NFT collector accidentally burns rare CryptoPunk"},"content":{"rendered":"<p><\/p>\n<div>\n<p>One rare CryptoPunk owner\u2019s worst nightmare became a reality over the weekend. Brandon Riley accidentally sent his treasured PFP to a burn address, losing it forever. How did this monumental error happen?<\/p>\n<figure id=\"attachment_100192\" aria-describedby=\"caption-attachment-100192\" style=\"width: 823px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24.jpg\" target=\"_blank\" rel=\"noopener\"><picture decoding=\"async\" class=\"size-full wp-image-100192\"><source type=\"image\/webp\" data-lazy-srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24.jpg.webp 823w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-300x209.jpg.webp 300w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-768x534.jpg.webp 768w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-81x56.jpg.webp 81w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-150x104.jpg.webp 150w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-450x313.jpg.webp 450w\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20823%20572'%3E%3C\/svg%3E\" data-lazy-sizes=\"(max-width: 823px) 100vw, 823px\"\/>\n<\/picture>\n<noscript><picture decoding=\"async\" class=\"size-full wp-image-100192\"><source type=\"image\/webp\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24.jpg.webp 823w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-300x209.jpg.webp 300w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-768x534.jpg.webp 768w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-81x56.jpg.webp 81w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-150x104.jpg.webp 150w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-450x313.jpg.webp 450w\" sizes=\"(max-width: 823px) 100vw, 823px\"\/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24.jpg\" alt=\"Rare CryptoPunk 685 is lost forever due to user error\" width=\"823\" height=\"572\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24.jpg 823w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-300x209.jpg 300w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-768x534.jpg 768w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-81x56.jpg 81w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-150x104.jpg 150w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24-450x313.jpg 450w\" sizes=\"(max-width: 823px) 100vw, 823px\"\/>\n<\/picture>\n<\/noscript><\/a><figcaption id=\"caption-attachment-100192\" class=\"wp-caption-text\">Rare CryptoPunk owner Brandon Riley accidentally burned a $129k NFT on Saturday<br \/>Image Credit: CryptoTimes.io<\/figcaption><\/figure>\n<h2><span id=\"Why_did_someone_burn_a_rare_CryptoPunk\"><strong>Why did someone burn a rare CryptoPunk?<\/strong><\/span><\/h2>\n<p>Punk holder Brandon Riley purchased CryptoPunk #685 for 77 eth just two weeks ago. He then decided to use the NFT loan platform <a href=\"https:\/\/nftfi.com\/\" target=\"_blank\" rel=\"noopener\">NFTfi.com<\/a> to secure a 7% loan against the digital asset. Unfortunately, Riley made a mistake during the \u201cwrapping\u201d process necessary to use the NFTfi.com service with a CryptoPunk. As a result, he accidentally sent his Punk to a burn address.<\/p>\n<p>Riley took immediate ownership of the mistake. He tweeted that he is not a dev or particularly tech-savvy, and shouldn\u2019t have attempted the wrapping process himself. There was one step in the wrapping instructions that confused him. Since Riley lost the Punk, the set of instructions he was following was updated to clarify the procedure and prevent future mistakes.<\/p>\n<h2><span id=\"Why_do_people_wrap_CryptoPunks\"><strong>Why do people wrap CryptoPunks?\u00a0\u00a0<\/strong><\/span><\/h2>\n<p>Larva Labs created <a href=\"https:\/\/nftevening.com\/what-are-cryptopunks-meet-the-first-nft-project-ever-created\/\" target=\"_blank\" rel=\"noopener\">CryptoPunks<\/a> before the ERC-721 standard was adopted. As a result, they are incompatible with many Web3 marketplaces and protocols. By wrapping a Punk, holders can create a new digital token to prove ownership of their assets and use previously-incompatible platforms.<\/p>\n<figure id=\"attachment_100193\" aria-describedby=\"caption-attachment-100193\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general.jpg\" target=\"_blank\" rel=\"noopener\"><picture decoding=\"async\" class=\"wp-image-100193\"><source type=\"image\/webp\" data-lazy-srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general.jpg.webp 387w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-300x200.jpg.webp 300w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-84x56.jpg.webp 84w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-150x100.jpg.webp 150w\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%201200%20800'%3E%3C\/svg%3E\" data-lazy-sizes=\"(max-width: 1200px) 100vw, 1200px\"\/><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%201200%20800'%3E%3C\/svg%3E\" alt=\"Sample of PFPs from the groundbreaking CryptoPunks collection\" width=\"1200\" height=\"800\" data-lazy-srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general.jpg 387w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-300x200.jpg 300w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-84x56.jpg 84w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-150x100.jpg 150w\" data-lazy-sizes=\"(max-width: 1200px) 100vw, 1200px\" data-lazy-src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general.jpg\"\/>\n<\/picture>\n<noscript><picture decoding=\"async\" class=\"wp-image-100193\"><source type=\"image\/webp\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general.jpg.webp 387w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-300x200.jpg.webp 300w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-84x56.jpg.webp 84w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-150x100.jpg.webp 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"\/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general.jpg\" alt=\"Sample of PFPs from the groundbreaking CryptoPunks collection\" width=\"1200\" height=\"800\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general.jpg 387w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-300x200.jpg 300w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-84x56.jpg 84w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Cryptopunks_general-150x100.jpg 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"\/>\n<\/picture>\n<\/noscript><\/a><figcaption id=\"caption-attachment-100193\" class=\"wp-caption-text\">CryptoPunks\u2019 OG status also comes with some potentially expensive issues for owners<br \/>Image Credit; LarvaLabs.com<\/figcaption><\/figure>\n<p>The wrapping process involves interacting with the token on the contract level.\u00a0 It is not particularly user-friendly, and the popular wrapping website WrappedPunks.com warns, \u201c<span class=\"sc-beqWaB ebwetI\">We highly discourage to wrap your Cryptopunk unless you are familiar with how to interact with smart contracts via\u00a0etherscan.io.\u00a0 <\/span><span class=\"sc-beqWaB ebwetI\">If you decide to wrap your CryptoPunk, you will interact with the Ethereum blockchain so any transaction is irreversible.\u201d<\/span><\/p>\n<p>Punk #685 is lost forever, and with it, Brandon Riley also lost a third of his net worth.\u00a0 This situation highlights the double-edged nature of blockchain technology.\u00a0 We gain the benefits of eliminating middlemen but also need to suffer from its consequences.<\/p>\n<p>This dichotomy, Riley observes, is \u201cboth the beauty and the curse of self-custody.\u201d<\/p>\n<div class=\"bottom-text__subscribe\">\n<div id=\"mlb2-5802138\" class=\"ml-form-embedContainer ml-subscribe-form ml-subscribe-form-5802138\">\n<div class=\"ml-form-align-center\">\n<div class=\"ml-form-embedWrapper embedForm\">\n<div class=\"ml-form-embedBody ml-form-embedBodyHorizontal row-form\">\n<div class=\"ml-form-embedContent\" style=\"\">\n<h4><span id=\"Join_Our_New_To_The_Moon_daily_Newsletter\">Join Our New &#8220;To The Moon&#8221; daily Newsletter<\/span><\/h4>\n<p>Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts &amp; stay on top \ud83d\udc4a\ud83c\udf1a<\/p>\n<\/div>\n<\/div>\n<div class=\"ml-form-successBody row-success\" style=\"display:none\">\n<div class=\"ml-form-successContent\">\n<h4><span id=\"Thank_you\">Thank you!<\/span><\/h4>\n<p>You have successfully joined our subscriber list.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><img loading=\"lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" width=\"1\" height=\"1\" style=\"max-width:1px;max-height:1px;visibility:hidden;padding:0;margin:0;display:block\" alt=\".\" border=\"0\" data-lazy-src=\"https:\/\/track.mailerlite.com\/webforms\/o\/5802138\/c5t4g8?v1668587371\"\/><noscript><img loading=\"lazy\" src=\"https:\/\/track.mailerlite.com\/webforms\/o\/5802138\/c5t4g8?v1668587371\" width=\"1\" height=\"1\" style=\"max-width:1px;max-height:1px;visibility:hidden;padding:0;margin:0;display:block\" alt=\".\" border=\"0\"\/><\/noscript><\/p>\n<div class=\"bottom-text__wrapper post-content\">\n<p>\u00a0<\/p>\n<hr\/>\n<p><em>All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n<p><em>This article is educational material.<\/em><\/p>\n<p><em>As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/nftevening.com\/oops-nft-collector-accidentally-burns-rare-cryptopunk\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One rare CryptoPunk owner\u2019s worst nightmare became a reality over the weekend. Brandon Riley accidentally sent his treasured PFP to a burn address, losing it forever. How did this monumental error happen? Rare CryptoPunk owner Brandon Riley accidentally burned a $129k NFT on SaturdayImage Credit: CryptoTimes.io Why did someone burn a rare CryptoPunk? Punk holder [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/03\/Capture-24.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/5293"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=5293"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/5293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/5294"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=5293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=5293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=5293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}