Thursday, April 18, 2024

Fat Finger: Bored Ape NFT Accidentally Sold For $3,000 Instead Of $300,000

The owner of an in-demand NFT Bored Ape made a ground-shaking ‘fat finger’ typing error. The token was accidentally sold for one-hundredth of its market price. An automated account bought the NFT and immediately put it on sale for about $250,000.

Reports say the buyer also paid an additional $34,000 as ‘gas fees’ to speed up the transaction. Gas fees are a sort of processing payment to compensate for the computing energy.

Maxnut, the initial owner told CNet that he had intended to list the Bored Ape for 75 ETH – about $300,000 but had accidentally listed it as 0.75 ETH. He admitted not paying attention. “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 has instantly sniped before I could click cancel,” Maxnut said. “And just like that, $250k was gone.”

These sorts of mistakes are tough in the decentralized nature of transactions. The sales are final. However, if such mistakes happen in traditional institutions, alerts are sent and transactions can be halted.

This is not a first-of-its-kind incident for Bored Ape NFT. A user in August had accidentally listed its token for $26,000. The buyer immediately sold it for $150,000. The Bored Ape Yacht Club (BAYC) was launched in April. It consists of 10,000 Bored Apes. The cheapest a user can buy one is for 49 Ether, which is about $231,000.

Analysts say Bored Ape is valuable because it serves as a digital identity. The owners or buyers receive commercial usage rights. This means they can sell any sort of spinoff product based on the art.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular