Brandon Riley, a CryptoPunk holder, accidentally sent his rare CryptoPunk #685 to a burn address while attempting to use NFT loan platform NFTfi.com. The mistake occurred during the wrapping process, which is necessary to use previously incompatible platforms with CryptoPunks. Wrapping involves interacting with the token on the contract level and can be challenging for those unfamiliar with how to interact with smart contracts.

Riley took immediate ownership of the mistake and warned others to be cautious when wrapping their CryptoPunks. Losing the Punk also meant that Riley lost a third of his net worth. The situation highlights the double-edged nature of blockchain technology, where eliminating middlemen also means accepting irreversible consequences. This dichotomy is the "beauty and curse of self-custody," according to Riley.

Read more: https://nftevening.com/oops-nft-collector-accidentally-burns-rare-cryptopunk/