Bored Ape NFT accidentally sells for $ 3,000 instead of $ 300,000
The Desperate ApeWives NFT collection exhibited at Art Basel Miami on December 1, 2021.
Erika Gold Ring | Getty Images
A non-fungible token trader reportedly sold a highly sought after NFT for $ 3,000 instead of $ 300,000 due to a “big finger” error.
The trader, identified only as Max or “maxnaut” online, told the tech news site CNET that he intended to list his NFT at 75 ethers, or approximately $ 300,000. But a “lack of focus” caused him to accidentally enter 0.75 ether as the listing price.
A big finger error is when a trader places the wrong bet on a stock or other financial asset due to a typo. In 2014, for example, a big finger error was blamed for a sudden rise in the share price of UK lender HSBC.
Max’s NFT was part of the Bored Ape Yacht Club, a prestigious collection of 10,000 colorful monkeys that live on the Ethereum blockchain, the network behind the world’s second largest cryptocurrency. Celebrities like Jimmy Fallon, DJ Khaled and Post Malone have bought NFT Bored Ape for hundreds of thousands of dollars.
NFTs are a type of digital asset designed to represent ownership of a unique virtual item, such as a work of art or rare sports trading cards. Ownership of these items is tracked on the blockchain, the technology behind most cryptocurrencies.
According to CNET, Max’s Bored Ape was immediately picked up by a bot designed to buy NFTs listed below a certain price and then listed for $ 248,000. To add insult to injury, the buyer using the bot even paid an additional $ 34,000 in “gasoline charges” – which are needed to transact on Ethereum – to make sure they have it in. first.
âThe industry is so new that bad things are going to happen, whether it’s your fault or the technology,â Max told CNET. “Once you are no longer in control of the outcome, forget about it and move on.”
The Costly Mistake is not the first high-profile example of a big finger error in the young crypto industry. A small crypto exchange wrongly paid $ 24 million in fees on a deposit of $ 100,000. Fortunately, it was refunded the full amount by an Ethereum miner who verified the transaction.
However, unlike traditional financial markets, cryptocurrency transactions are almost impossible to reverse unless the people involved in a transaction consent to it. The blockchain technology that underlies many digital assets is designed to ensure that transactions are irreversible.
You can read the full CNET report here.