Someone accidentally sold their $300,000 NFT for $3,000 | TechTree.com

Someone accidentally sold their $300,000 NFT for $3,000

The Bored Ape Yacht Club is one of the most prestigious NFTs in the world and someone sold one of theirs for 100 times less than its value.

 

Image Credit : cnet.com

The owner of the Bored Ape Yacht Club NFT, who goes by the name Max , meant to list his NFT for 75 ETH, or around $300,000, but accidentally listed it for 0.75 ETH.

This is indeed a tragic case of ‘Fat-Finger Error’. 

Here’s how Max explained the slimming of his net worth:

“How'd it happen? A lapse of concentration I guess. I list a lot of items every day and just wasn't paying attention properly.”

As soon as the Bored Ape Yacht Club NFT was listed for one-hundredth of its value, it was bought instantly. The buyer actually paid an extra $34,000 to speed up the transaction so that no one could snap it up before them.

And then the buyer promptly listed that same NFT for $248,000, no doubt expecting a handsome profit. The buyer’s transaction was done by a bot. A bot can be coded to immediately buy NFTs listed below a certain price in order to take advantage of situations like these. 

“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." - Max

Fat-Finger errors occasionally happen in traditional finance, but they can usually be reversed or stopped since the traditional finance system is centralized. But NFTs and cryptocurrencies aren’t as forgiving.

NFTs and cryptos are decentralized, so you’d have to rely on the goodwill of the buyer to reverse an unintended transaction, and that’s unlikely happen with a rare NFT collection like Bored Ape Yacht Club because there are only 10,000 in existence. 

Moving on is the only thing you can do if you make a mistake like this.

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


TAGS: Bored Ape Yacht Club NFT, NFT

 
News Corner
IMP IMP IMP
##