NFT collector accidentally burns CryptoPunk worth $129,000

NFT collector Brandon Riley mistakenly sent CryptoPunk #685 to the burn address. Two weeks ago he bought the token for 77 ETH — about $129,000 at the time.

Today I accidentally burned a @cryptopunksnfts trying to wrap punk 685.

I was so focused on following the instructions exactly, that I slipped up, destroying a third of of my net worth in a single transaction. @yugalabs please sell me the @v1punks 685 as a consolation. ?? pic.twitter.com/jHoTGvlc7j

— Brandon Riley (@vitalitygrowth) March 25, 2023

The investor admitted that he had lost a third of his fortune. According to Riley, he decided ‘wrap’ the NFT to use as collateral on the NFTfi.com platform to obtain a passive income of around 7% per year.

According to the collector, he followed the instructions strictly, but mistook the address. As a result, Riley transferred the token to a one-way gateway, from which the asset can no longer be retrieved.

This is truly a devastating mistake for me.? But I did this myself, and there is no one else to blame but me,

However, in a sense he managed to retrieve the token — one enthusiast presented him with a similar NFT issued on the Bitcoin blockchain via the Ordinals protocol.

Huge thanks to @olliesblog for being so kind and selfless in resurrecting Punk 685 for me. He now lives on the Bitcoin blockchain as an ordinal, inscribed on a satoshi from over a decade ago! ??? https://t.co/5i1n14HIwe pic.twitter.com/4hVPxxcb4Y

— Brandon Riley (@vitalitygrowth) March 27, 2023

Earlier in March, Yuga Labs, the owner of the CryptoPunk collection, conducted an auction to sell the NFT TwelveFold on the Bitcoin blockchain.