Monkey NFT Typo Causes Seller To Lose Out On $297,000
In the NFT world, having fat fingers can cost you.
You Are Reading :Monkey NFT Typo Causes Seller To Lose Out On $297000
Like many NFTs, The Board Ape Yacht Club is a collection of 10,000 digital art pieces that all have minor variations on the same “bored ape” theme. Some will have hats, some will be smoking cigars, and some will look like recently deceased cyborg monkeys. Such is the case with Bored Ape number 3,547, as pictured above.
But we’re not here to talk about how using a computer algorithm to generate ape-themed jpegs and selling them for thousands of dollars is inherently weird. We’re here to talk about how accidentally typing the wrong number into a website field can cost you $297,000.
Bored Ape number 3,547 previously belonged to a guy named Max, OpenSea username maxnaut. Number 3,547 here is typically worth 75 ether, which is a popular form of cryptocurrency worth roughly $300,000, but when Max went to sell Number 3,547 on OpenSea, he accidentally typed the price as 0.75 ether–one one-hundredth the going rate.
And because the NFT space is completely unregulated, costly errors like this one are impossible to fix. Before Max could unlist his incorrectly priced monkey NFT, an automated bot noted the wildly underpriced NFT and automatically bought it for the low price of $3000, plus an additional fee to speed up the transaction.
“I list a lot of items every day and just wasn’t paying attention properly,” Max told CNET in an interview. “I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 ether of gas fees so it was instantly sniped before I could click cancel, and just like that, $250,000 was gone.”
“Gas fees” are something OpenSea users can pay to ensure their transaction goes through quickly, and 8 ether works out to roughly $32,000. Still, paying $32,000 to snipe an NFT is worth it when you can immediately turn around and sell it for 52 ether ($210,000).
Number 3,547 is currently listed at 85 ether on OpenSea, or roughly $320,000. Apparently, this fat-fingered mistake has given this money some notoriety and driven up the price.
Link Source : https://www.thegamer.com/monkey-nft-typo-loses-297000/