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Bored Ape NFT accidentally sells for $3,000 instead of $300,000

The seller accidentally listed the price as 0.75 ETH instead of 75 ETH

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The Bored Ape Yacht Club is a collection of 10,000 NFTs, each portrayed an ape with different traits and visual attributes  (laser eyes, sunglasses, etc.) . They sell the cheapest NFT for — is 52 ether, or $210,000. Bored Ape Yacht Club NFT one of the most prestigious NFT collections in the world. Jimmy Fallon, Steph Curry and Post Malone are among its star-studded members.

On December 11, a guy named as Max (username maxnaut) accidentally list his  Bored Ape Yacht Club NFT for 0.75 ETH ( $3,066)  instead of 75 ETH (around $300,000). The cause was a simple, devastating “fat-finger error.”

Bored Ape NFT
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The NFT was bought instantaneously. The buyer paid an extra $34,000 to speed up the transaction, ensuring no one could snap it up before them. The Bored Ape NFT was then promptly listed for $248,000. The transaction appears to have been done by a bot, which can be coded to immediately buy NFTs listed below a certain price on behalf of their owners in order to take advantage of these exact situations.

“How’d it happen? A lapse of concentration I guess,” Max told me. “I list a lot of items every day and just wasn’t paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 eth [$34,000] of gas fees so it was instantly sniped before I could click cancel, and just like that, $250k was gone”.
“And here within the beauty of the Blockchain you can see that it is both honest and unforgiving,” he added.

 

Fat finger trades happen rare in finance world –  cryptocurrency and NFTs are designed to be decentralized, you essentially have to rely on the goodwill of the buyer to reverse the transaction.

Fat finger errors in cryptocurrency trades have made many a headline over the past few years. Back in 2019, the company behind Tether, a cryptocurrency pegged to the US dollar, accidentally created $5 billion-worth of new coins by nearly doubled its own coin supply. In March, BlockFi meant to send 700 Gemini Dollars to a set of customers, worth roughly $1 each, but mistakenly sent out millions of dollars worth of bitcoin instead. Last month a company Bitfinex, one of the crypto world’s most controversial exchanges, paid a $24 million fee on a $100,000 transaction.

In the NFT world, last month someone tried selling a CryptoPunk NFT for $19 million, but accidentally listed it for $19,000 instead. Back in August, someone fat finger listed their Bored Ape for $26,000. The original owner offered $50,000 to the buyer to return the Bored Ape — but instead the opportunistic buyer sold it for the then-market price of $150,000.

“The industry is so new, bad things are going to happen whether it’s your fault or the tech,” Max said. “Once you no longer have control of the outcome, forget and move on”

 

The Bored Ape Yacht Club launched back in April, with 10,000 NFTs being sold for 0.08 ether each, since then it has become the second biggest NFT collection in the world, second only to CryptoPunks, which launched in 2017 and is considered the “original” NFT collection.

 

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