Tech

Bored Ape NFT accidentally sold for $3,000 instead of $300,000

The Desperate ApeWives NFT collection is on display at Art Basel Miami on December 1, 2021.

Erika Goldring | beautiful pictures

An irreplaceable token trader reportedly sold a highly sought-after NFT for $3,000 instead of $300,000 due to a “fat finger” bug.

The trader, identified only as Max or “maxnaut” online, told the tech news website Cnet that he wants to list his NFT for 75 ether, or about $300,000. But a “distraction” caused him to accidentally type 0.75 ether as the list price.

A wrong finger is when a trader places a wrong bet on a stock or other financial asset because of a typo. In 2014, for example, a fat finger mistakes are to blame because the share price of the British lending company suddenly skyrocketed HSBC Bank.

Max’s NFT is part of the Bored Ape Yacht Club, a prestigious collection of 10,000 colorful apes that live on Ethereum blockchain, the network behind the world’s second largest cryptocurrency. Celebrities like Jimmy Fallon, DJ Khaled and Post Malone bought Bored Ape’s NFT for hundreds of thousands of dollars.

NFTs are a type of digital asset designed to represent ownership of a single virtual item, such as a piece of art or a rare sports trading card. Ownership of these items is tracked on the blockchain, the technology behind most cryptocurrencies.

According to CNET, Max’s Bored Ape was immediately captured by a bot designed to buy NFTs listed below a certain price and then listed for $248,000. To add insult to injury, buyers using the bot even paid an additional $34,000 in “gas fees” – fees required to conduct transactions on Ethereum – to ensure that they received it first. .

“The industry is so new, bad things happen whether it’s your fault or the technology,” Max told CNET. “Once you have no control over the outcome, forget it and move on.”

The costly mistake is not the first prime example of error in the nascent crypto industry. A small cryptocurrency exchange wrong payment of 24 million dollars in fees $100,000 deposit. Fortunately, it was refunded in full by an Ethereum miner who verified the transaction.

However, unlike in traditional financial markets, cryptocurrency transactions are nearly irreversible unless the people involved in the transaction agree to do so. The blockchain technology underpinning many digital assets designed to guarantee immutable transactions.

You can read the full CNET report here.

https://www.cnbc.com/2021/12/14/bored-ape-nft-accidentally-sells-for-3000-instead-of-300000.html Bored Ape NFT accidentally sold for $3,000 instead of $300,000

Sarah Ridley

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