Since 2020, we have been heavily involved in the NFT landscape and have witnessed numerous significant losses in NFT trading.
Now that we are in a bear market, it’s a good time to reflect on some of the most outrageous losses. It might bring some consolation to see your own investments decline.
So here is a list of the biggest losses in NFT trading in web3.
1. FranklinisBored with ENS.
It’s not uncommon for NFT traders to place fake bids on NFTs to deceive potential buyers about the perceived value. One notable Bored Ape trader, Franklinisbored, grew frustrated with this practice. As a joke, he minted the following ENS domain:
To add weight to his point, he placed a bid of 100 WETH on his own domain. Surprisingly, someone actually placed a bid of 1.9 WETH on the domain (Sucker!).
Unethically, Franklin accepted the bid of 1.9 ETH and boasted about it on X (formerly Twitter). By the way, this week we discussed 5 ways to earn on X.
But that’s not the end of the story as we are discussing NFT trading losses. So far, Franklin has gained 1.9 ETH. However, he forgot to cancel his 100 WETH bid that he placed as a joke. The new owner accepted the 100 ETH bid to get back at Franklin, resulting in Franklin losing $140,000 on this ENS joke.
2. Justin Bieber books one of the Biggest NFT Trading Losses EVER!
Pop artist Justin Bieber ranks in the top three for the largest celebrity NFT trading losses, with a loss of over $1.2 million. During the peak of the bull market, he bought a sad Bored Ape Yacht Club (BAYC) for 500 ETH, which was 350% over the floor price. Currently, he would only be able to sell it for around 23 ETH, resulting in a staggering 95% loss in ETH and even more in USD.
It’s worth mentioning that Justin has not sold his ape yet, so if he waits a few years, maybe this loss will turn into a win.
3. Blur Farmers at War
Whether you love or hate them, blur farmers are a part of the ecosystem, and we have to deal with them. They are grinding for potentially one of the largest NFT-related airdrops in history. So, we wish them the best. However, the current price of $blur doesn’t look promising.
Many airdrop farmers use bots to copy winning trades. This was the case for Elizab.eth, who used a bot to copy the bids made by famous farmer Hanwe on Azukis.
However, this didn’t sit well with Hanwe. When he noticed this, he took a huge risk to trick the copy bot by placing a bid of 50 ETH on Azukis when the floor price was below 5 ETH. This bid was 10 times higher than the floor price, a bold move.
It worked. Elizab.eth’s bot copied the 50 ETH bid, and Hanwe managed to accept 16 of them, resulting in a massive loss of 800 ETH ($1,500,000 USD) for the copy trader.