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Bored Ape NFT Mistakenly Sold For $3,000 Instead Of $300,000

Hannah Blackiston

Published 

Bored Ape NFT Mistakenly Sold For $3,000 Instead Of $300,000

Featured Image Credit: Open Sea

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.

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.

Open Sea
Open Sea

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.

"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.

Topics: News, Cryptocurrency

Hannah Blackiston
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