Bored Ape NFT Mistakenly Sold For $3,000 Instead Of $300,000
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One of the Bored Ape NFTs (non-fungible token) has accidentally sold for just over $3,000 after a 'fat-fingered' typing error.
The owner of Bored Ape 3,547 was listing the digital artwork, which is one of only 10,000 available, for sale when they accidentally entered just 0.75 Ethereum (ETH) rather than 75 ETH.
An automated account instantly snapped up the artwork and put it back on sale for nearly $250,000.
Sometimes you fuck up, make a bad buy, out of gas fail, send Eth to the wrong wallet or fat finger a listing :eyes:
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 :heart:
- maxnaut.eth (@maxnaut) December 12, 2021
Maxnaut, the original seller, told CNet a 'lapse of concentration' caused the mistake and it was too late to fix it by the time he spotted it.
"I instantly saw the error as my finger clicked the mouse but... it was instantly sniped before I could click 'Cancel' - and just like that, $250,000 was gone," he said.
The buyer, which is suspected to be a bot, also paid very high 'gas' fees, which increases the speed the Ethereum network processes a transaction, of $32,000 to ensure the transaction went through quickly.
The Bored Apes are among the most prestigious NFTs in the world, with Jimmy Fallon, Steph Curry and Post Malone all owning a slice of the action.
The cheapest Bored Ape on the market currently sits around $210,000.
Bots can be coded to buy NFTs immediately if they're listed under a certain price, which is likely what happened in this circumstance.
User errors can usually be reversed easily in traditional banking transactions, however cryptocurrency and blockchain transactions are instant and irreversible.
A seller accidentally listed the price of this Bored Ape NFT as 0.75 ETH instead of 75 ETH. It sold within seconds.
The difference between $300,000 and $3,000.
Yikes. pic.twitter.com/mxjyo7Y1Rh
- Morning Brew :coffee: (@MorningBrew) December 13, 2021
"And here within the beauty of the Blockchain you can see that it is both honest and unforgiving," the seller told CNet.
This isn't the first time an error like this has occurred in cryptocurrency, nor is it even the first time an error has occurred in the Bored Ape series.
Back in August, someone sold their Bored Ape NFT for $26,000. They tried to purchase it back for $50,000, but the seller ended up parting with it for $150,000.
"The industry is so new, bad things are going to happen whether it's your fault or the tech," Maxnaut said. "Once you no longer have control of the outcome, forget and move on."
The Bored Ape Yacht Club launched in April with the 10,000 NFTs being sold for 0.08 ETH each, or around $190 each.
So even at a sale price of just over $3,000, if Maxnaut bought his Bored Ape in the first sale, he still made a 1478 per cent profit.
Featured Image Credit: Open Sea
Topics: News, Cryptocurrency
