“What’s the Most You’ve Ever Lost on a Coin Toss?”. The popular dialogue by the Coen brothers, from the classic movie ‘No Country for Old men’ is perhaps the most appropriate metaphor to demonstrate this crazy story regarding a peculiar domain name transaction.
A major crypto investor has lost over $150K over a joke surrounding an Ethereum Domain Name. The guy in question here is Franklin Caldwell, who goes by his Twitter handle @FranklinIsBored. Note that the mentioning of ‘Bored’ in his twitter handle is not accidental. It is an ode to his huge investments in the Bored Ape Yacht Club’s NFTs. Cladwell has currently with him a collection of 57 Bored Apes!
Caldwell has this habit of creating weird Ethereum Domain Names and then bidding a disproportionate amount on the same to create a fake hysteria around the same. Only this time it backfired on him.
Caldwell created the Ethereum domain name stop-doing-fake-bids-its-honestly-lame-my-guy.eth. He then went on to bid a whopping 100 ETH (or $150,000) on this domain name. Someone even offered him 1.9 ETH (or $2,900) for this domain. This was in surplus to what this seemingly useless domain name deserved. Calwell thought his trick worked and happily accepted the offer. The domain name was sold.
However, Caldwell had forgotten to end his ridiculous bid on the same domain name he had offered. The guy that bought the domain name, then quickly went on to sell the same back to Caldwell. And in this way Caldwell was outsmarted on his own joke and lost 98.1 ETH to be exact!
However, Caldwell wasn’t a prick at his loss. In fact, he was a good sport and accepted his monumental goof-up. The investor claimed this incident as ‘joke and bag fumble of the century’ and said he deserved everything that comes with this.
The value of crypto domains has grown exponentially since their popularization by brands like Unstoppable Domains and ENS. Most domains start at $10 to $20, and many sell at significantly higher prices on secondary markets.
How do .crypto domains work?
Crypto domains are NFTs that function as universal addresses for crypto wallets and websites, that is why they are also referred to as NFT domains. Crypto domains unlike traditional domains are not stored in a server, they are stored in a blockchain.
The story of Franklin Caldwell’s loss over a joke Ethereum domain name highlights the risks and potential pitfalls of investing in the cryptocurrency space. While it’s important to have a sense of humor and take risks, it’s also crucial to carefully consider investments and not let emotions or hype drive decisions. Caldwell’s acceptance of his mistake and taking it in stride is a reminder that even in the world of high-stakes investing, it’s important to maintain a healthy perspective and sense of humor.