NewsAn NFT investor destroys a work valued at $ 135,000 by mistake

    An NFT investor destroys a work valued at $ 135,000 by mistake

    The collector attempted to use the CryptoPunk 685 artwork as collateral for a loan; however, he destroyed it due to an oversight.

    A non-fungible token (NFT) collector destroyed one of these digital works valued at $135,000 while trying to use it as collateral to obtain a loan, reports the specialized cryptocurrency outlet Cointelegraph.

    According to reports, Brandon Riley attempted to wrap his CryptoPunk using a technique known as tokenization, which involves locking an NFT into a smart contract and creating a new token that can be used as collateral to apply for loans or conduct other financial transactions.

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    However, while going through the process, unknown to him, Riley accidentally sent the CryptoPunk 685 artwork to a ‘burn address’, permanently erasing the NFT from circulation. “I was so focused on following instructions to the letter that I slipped up, destroying a third of my net worth in a single transaction,” commented On twitter.

    “I just shouldn’t have tried it on my own, I guess,” added the collector, lamenting the destruction of the NFT, which he claimed acquired it after taking out a cryptocurrency loan.

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    Source: RT

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