Bored Ape Yacht Club (BAYC) Non-fungible Tokens (NFTs) are some of the most expensive and well known NFTs around and one of them was accidentally sold for $3,015 (approximately 2.28). lakh), despite being valued at $300,000 (approximately Rs. 2.27 crore). The owner of the NFT, who goes by the name Max or the username, ‘maxnaut’, wanted to list his NFT Bored Ape for 75 Ether only to end up listing it for 0.75 Ether which is about one percentage of actual price because of “distractions”.
Buyers who bought NFT for $3,015 (about 2.28 lakh) have listed it back online for $248,000 (about 1.87 crore). People passing at Cnet who spoke to Max about the incident believes it was likely purchased by a bot coded to detect NFTs below a certain price range.
A seller accidentally listed the price of this Bored Ape NFT as 0.75 ETH instead of 75 ETH. It was sold within seconds.
The difference between $300,000 and $3,000.
Sorry. pic.twitter.com/mxjyo7Y1Rh
– Morning Brew ️ (@MorningBrew) December 13, 2021
“How did it happen? It’s distracting I guess,” Max told the publication. “I list a lot of items every day and I just don’t pay enough attention. I immediately see an error when my finger clicks but a bot sent a transaction with more than 8 ETH [$34,000 or roughly Rs. 25.67 lakh] the gas charge should immediately cut off before I can click cancel and just like that, $250k is gone. ”
Developing NFT background, Bored Ape . Yacht Club NFT has exploded in popularity. Following a 900 percent increase in BAYC sales, the OpenSea NFT marketplace saw its trading volume double last month.
A host of celebrities and influencers have joined the band Bored Ape, helping to fuel the trend. Jimmy Fallon, Post Malone, Steph Curry and Mark Cuban are just a few of the celebrities who have used NFT. Celebrities like Timbaland, NBA star Shaquille O’Neal and NFL wide free agent Dez Bryant have joined the expanding list of celebrities who have embraced the Bored Ape craze.
Unlike a fat finger error that occurs in banking transactions that can be easily rectified upon notification to the relevant authorities, a fat finger error in the decentralized, crypto space, often has which means you can do little to reverse the loss.
“Because the field is so new, terrible things happen, whether it’s your fault or the technology’s fault. Forget it and move on once you no longer have control over the outcome,” Max told CNET.
