Yesterday, Farokh Samad opened up about losing access to his metamask wallet with rare NFTs. Raising awareness to the community, he admitted that it was a “rookie mistake” because he lost his seed phrase. The incident happened in April but he is only sharing it now because he was “too ashamed” of himself.
Farokh or Mr. Goodman to the social media and NFT Community is an expert at building social communities online. He’s currently the CEO of Goodlife Media, owns and operates one of the largest luxury and real estate distribution networks on Instagram (13m+ followers). Being at the forefront of the NFT revolution, one can only guess how extensive and valuable his NFT Collection is.
So what exactly did Farokh lose?
Unfortunately, the wallet contains the 67th rarest Bored Ape and M2 Serums out of the 3 Total. Farokh estimates that the total value of the NFT Collection that he no longer has access to is 250 ETH. At today’s rate, that’s around $847,500.
The Community reaction to his Lost Wallet and Lost NFTs
After posting the tweet, the community chimed in the discussion with words of sympathy. User @_jeffnicholas_ said, “imagine how @farokh feels; it’s right there within reach but can’t access it.” Even Jeremy Padawer of global toymaker Jazwares chimed in, saying, “I’m gutted hearing this.”
Farokh reassured the community that this was an unfortunate scenario but he has moved on. He said, “bounced back hard of course but just sickening to look back!”
How did it happen?
Blockchain wallets have a master key made up of a 12-word phrase to unlock your wallet on the blockchain. They are usually called “seed phrases.” MetaMask is changing from seed phrase to secret recovery phrase. Unfortunately, if you are unable to log back into MetaMask, due to forgetting your password, there is no way to recover the phrase. A lost wallet means lost NFTs. In this case, unfortunately forever.