NFT Accidentally Sold for $3,000 Instead of $300,000
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An NFT holder, due to a ‘fat finger’ error, sold their NFT for ~$3,000— about $297k less than they are worth.
An in-demand non-fungible token (NFT) has been accidentally sold for a little more than $3,000 (£2,270) – one-hundredth of its market price.
On Saturday, when posting the NFT available to be purchased on the web, the proprietor of Bored Ape number 3,547 made a “fat fingered” mistake — a keyboard input blunder or mouse mis-click that implies somebody makes a trade online for the wrong thing, or for an incorrect sum.
The owner, maxnaut, let Cnet know that he intended to list his Exhausted Chimp for 75 ethereum (ETH-USD), or around $300,000, yet accidentally recorded it for 0.75 — 100th of its market cost.
Bored Ape number 3,547: No Way Home
“Fat finger errors” are a common thing in traditional finance, in their case the transactions are immediately halted when possible or they can be reversed either by legal or social means.
One example of a “fat fingers error” in finance was when someone at Samsung Securities Co., one of South Korea’s largest brokerages, tried to pay employees 1,000 won (93 U.S. cents) per share in dividends under a company compensation plan, but instead gave them 1,000 company shares worth, on paper, about 112.6 trillion won, more than 30 times the company’s market value.
Things got worse when 16 employees sold the stock, spurring a rout of as much as 12 percent in the space of minutes on April 6, the biggest decline since the global financial crisis. But these transactions were rooted by the exchange and were reversed, stock price bounced back when the market found out it was a human error.
For Max, there’s no way back for his cash or his valuable Ape, due to the most important fact of blockchain – decentralisation and lack of regulation.
When speaking with CNET, he noted that it was a mistake from his “lapse of concentration.” Maxnaut is “solo-traveller, bored ape, marketing agency owner & NFT investor.”
“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.”
A suspected Automated-bot was the buyer. It paid a very high “gas” fees – which determine how quickly the Ethereum network processes a transaction – of 8 ETH ($32,000), to ensure the sale went through almost instantly, and not get snapped by another buyer.
The Bored Ape Yacht Club
Bored Ape is one of the most popular and highly valued Non-fungible Token projecsts on Opensea, alongside Cryptopunks and Afropunks. One of the best collections in the NFT space, BAYC launched in April and comprises of 10,000 Bored Apes. At the present time the least expensive you can get one for is 49 ether – $231,000. They regularly sell for substantially more.
The group behind the collection just marked an arrangement to team up with Adidas, and one Ape from the Club last month graced the front of Rolling Stone Magazine.
The Bored Ape Yacht Club (BAYC), a collection of 10,000 NFTs that goes about as both a avatar and a pass to a social media based elite club. If you spend any amount of time on the web, especially Twitter, you’ve likely seen a Bored Ape Yacht Club. DJ Khaled, Steph Curry, Post Malone and most recently Jimmy Fallon are among the individuals who own a Bored Ape NFT and use it as their profile picture on social media.
Not withstanding the loss, Max seems to be taking things calmly. He’s mentally strong, not bothered by the loss and reiterated his belief in the project and market. He wrote: “It’s going to happen. But, letting it occupy your mind for even one second after you can no longer affect the outcome is purely hurting yourself twice”.