One of the world’s most prominent NFT collections is the Bored Ape Yacht Club. You would snicker at the usage of the phrases “prestigious” and “NFT” so close together, yet Jimmy Fallon, Steph Curry, and Post Malone are among the NFT’s star-studded members. Currently, the admission fee is 52 ether, or $210,000, which is the lowest amount you can pay for a Bored Ape Yacht Club NFT.
That’s why it hurts so much to learn that someone sold their Bored Ape NFT for $3,066 accidentally on Saturday.
Unusual deals are frequently indicative of shady dealings, as in the example of the guy who paid $530 million to purchase an NFT from themself. A simple, deadly “fat-finger mistake” was the culprit in Saturday’s instance. When consumers make an internet deal for the wrong item or for the wrong money, this is what happens. The owner, Maxnaut, planned to market his Bored Ape for 75 ether, or roughly $300,000, but unintentionally posted it for 0.75, or one-tenth of the original price. It was purchased right away.
The buyer paid an additional $34,000 to expedite the deal and ensure that no one else could acquire it before them. The Bored Ape was quickly advertised for $248,000 on eBay. The transaction appears to have been carried out by a bot, which may be programmed to acquire NFTs listed below a given price on behalf of its owners in order to profit from these specific circumstances.
“What went wrong? I’m guessing it was a slip in concentration “Max informed. “Every day, I make a long list of things and wasn’t paying attention. As soon as my finger hit the mouse, I saw the issue, but a bot made a transaction with over 8 eths [$34,000] in gas costs, so it sniped before I could cancel, and $250k was gone.”
Traditional finance occasionally sees fat finger deals but most financial institutions would halt them if they are warned fast enough. Because bitcoin and NFTs are supposed to be decentralized, you must rely on the buyer’s goodwill to reverse a transaction.