A $1 million clipart-based NFT of a Rock was accidentally sold for less than a cent

[midian182]

Facepalm: The world of NFTs is a strange one, which is about the nicest thing you could say about it. Take, for example, the case of a clipart-based image of a rock that was apparently valued at over $1 million but accidentally sold for less than a cent.

EtherRock is a collection of 100 NFTs, each slightly different from the other. They're similar to many collections, but unlike, say, Bored Ape Yacht Club, the variations between images of the clipart rock cover nothing more than their shade of color.

Vice reports that Twitter user Dino Dealer listed his valuable EtherRock NFT for sale, but instead of pricing it at 444 ETH, which is just over $1 million, he accidentally put it up for 444 Wei. One Wei is the equivalent of one quintillionth of an ether: it’s essentially worthless—even 444 of them is still less than $0.00000000.

How's your week?

Mine? I just erroneously listed @etherrock #44 for 444 wei instead of 444 eth🤦‍♂️

Bot sniped it in the same block and trying to flip for 234 eth

In one click my entire net worth of ~$1 million dollars, gone

Is there any hope?

Am I GMI?

Can snipers show mercy? pic.twitter.com/yq9Itb2Ukb

— Rock dust 😭 (@dino_dealer) March 10, 2022

Not surprisingly, the EtherRock was sniped by a bot, and the new owner relisted it for a lot more than the nothing they paid for it: 234 Ether, or around $600,000. Dino Dealer pleaded with the lucky person in a comments section to get his NFT back but received no reply beyond scammers trying to offer “refunds” if he called their WhatsApp number or sent them an email.

This is a story that’s all too familiar. In December, the owner of a Bored Ape Yacht Club NFT lost almost $250,000 after selling it for the incorrect price. That person typed 0.75 Ether—worth around $3,999 at the time—when listing his non-fungible instead of 75 Ether, or $300,000.

While these sorts of incidents can be attributed to user error, there are other risks associated with NFTs, including buying fakes and falling victim to hackers.

Image credit: Peter Döpper

Permalink to story.

https://www.techspot.com/news/93784-1-million-clipart-based-nft-rock-accidentally-sold.html

 

[winjer]

Still too expensive.

 

[Austinturner]

There are no words that adequately describe the ridiculousness of trading nfts proving “ownership” of “original” clip art rock drawings for any amount of money, let alone over $1M. The whole thing is just a scam.

 

[dangh]

This one sparks joy.

 

[yRaz]

Goid.

 

[ExReey]

Are these NFT sales used for anything else than money laundering?

 

[envirovore]

Everything and everyone involved in this is dumb.

 

[Theinsanegamer]

Well that $1 million in funny money has likely been pulled out of the market by whomever sold an image of a rock. The NFT itself is completely worthless. He should be glad he sold it at all.

Are these NFT sales used for anything else than money laundering?

Yes, there's also scamming millions from financially illiterate crypto bros who want to go "to the moon" with their "diamond hands".

There are no words that adequately describe the ridiculousness of trading nfts proving “ownership” of “original” clip art rock drawings for any amount of money, let alone over $1M. The whole thing is just a scam.

And really that NFT isnt the image itself, but a link to a piece of a blockchain on a server somewhere that *claims* you have ownership. The owner of said server can easily swap the image of a rock the NFT points to for, say, gore or CP, and there is nothing you can then do to get rid of said NFT without selling it.

Fantastic system.

 

[y6Tq2RGXEejb]

Ah TechSpot, making my day yet again. Thank you.

 

[fps4ever]

LOL

 

[sdsdv10]

FTFY

"A $1 million clipart-based NFT of a Rock was accurately sold for less than a cent"

 

[YouShallNotPass]

Nobody should care about how much they claim the NTF items worth.

 

[Neatfeatguy]

This whole thing makes me feel a little sadder for the entirety of the human race....holy crap. We're all just going down the drain, aren't we?

 

[madboyv1]

And nothing of value was lost?

 

[Raytrace3D]

More concerning is the fact that someone believes that clipart should cost more than 1 cent... What the heck is wrong with people!?!

 

[brucek]

"clipart-based image of a rock"

LOL

 

[Mister_K]

There is future in NFTs maybe in the game industry if companies such as Microsoft, EPIC, Steam, Ubisoft, Blizzard and EA would work on a store of some sort to trade digital assets (skins, games etc) but as it currently stands for generic artwork etc, absolutely dumb.

 

[DrSuess]

So it still sold for more than it was worth?

 

[Lew Zealand]

Our teachers and parents always told us to use our imaginations when we were little kids.

Aww, some people listened. And lost imaginary money.

 

[Shadowboxer]

Man what a time to need to launder money.

"How did you earn all this cash sir?"

"I sold an NFT of a picture of a rock for $600,000".

"Ok that makes sense, you can go, have a good day sir".

****ing hell.

 

[Arbie]

Our teachers and parents always told us to use our imaginations.

This is one of the most "not previously imaginable" headlines I've seen in a long time. Maybe those could be an occasional TechSpot feature.

 

[whateversa]

So why is it worth even half the intended price?

 

[Puiu]

This whole thing makes me feel a little sadder for the entirety of the human race....holy crap. We're all just going down the drain, aren't we?

Wars, pandemics and NFTs... the holy trifecta of stupidity has been gathered. The end of the world is upon us.

 

[EricV]

Look at juxtapositions in that work! It has seen the organic rounding that only millions of years of weathering can bring, contrasted sharply by the basaltic faces where one can only imagine the violent force used to cleave it away from its former host. And the color! At first black, but then on second glance imbued with a gossamer matrix of white, and with more fulsome inspection an almost serpentine sheen. It makes me sad that there is only one of these in the entire universe. My heart aches for the poor soul to lost this precious and unique opus.

 

[MaestroIT]

How can people still buy a clipart for $1 mil?

Can I use paint to draw a stickman and sell it for $10k?