Cryptocurrency29 minutes ago (Dec 14, 2021 01:30AM ET)
© Reuters. Fat Finger Error Leads to Sale of $300,000 NFT for $3,000
A member of the Bored Ape Yacht Club, one of the most popular collections of NFT in the world, recently sold an NFT worth $300,000 for a mere $3,000. The owner of the NFT, who went by the name Max or username, maxnaut, had wanted to list his Bored Ape NFT for 75 ethers only to end up listing it for 0.75 ether, which was about one-hundredth of the actual price.
Speaking to Cnet after the accidental sale, Max blamed the mistaken sale on a “lapse of concentration.” “How did it happen? A lapse of concentration, I guess. I list many items every day, and I wasn’t paying attention properly. I instantly saw the error as my finger clicked the mouse, but a bot sent a transaction with over eight eths ($34,000) of gas fees, so it was instantly sniped before I could click cancel, and just like that, $250k was gone.”
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A fat finger error, which is a mistake that occurs from hitting the wrong button while typing, is not uncommon in a financial transaction, but such errors can be easily reversed by financial institutions if alerted early enough. However, in the present case, the buyer, who had to pay a high gas fee of $34,000 to hasten the transaction, immediately listed the NFT for $248,000.
The Bored Apes Yacht Club is the creator of the Bored Apes NFT and has over 10,000 Bored Apes in their collections. The collections, started in April this year, consists of one of the most successful collections within the nonfungible token space. Membership of the Club is exclusive, and entry price, which is the lowest price you can purchase a Bored Apes NFT, is set at 52 ether, which is equivalent to $210,000. The Club also boasts of having popular celebrities like Jimmy Fallon, Steph Curry and Post Malone as members. This is why this sale would hurt. Unlike fat finger errors that occur in bank transactions that can be easily reversed upon notification of relevant authorities, fat finger errors within the cryptocurrency space, which is decentralized, often depends on the buyer’s goodwill.
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