Trader By Mistake Sells Bored Ape NFT For $3,000 Instead Of $300,000
An NFT trader lost thousands of dollars due to a “fat-finger” error after selling an in-demand Bored Ape NFT for just $3,000 instead of $300,000. In an interview with CNET, the trader said that he mistyped the price to 0.75 ether rather than 75 ether.
The trader, known as MAX or “Maxnaut”, said that the error was due to a “lapse in concentration”. Right after the NFT was listed, a bot bought it immediately and it was later listed for $248,000. The buyer who listed it, even paid $34,000 as “gas money” to guarantee his ownership on the Ethereum chain. Max added, “The industry is so new, bad things are going to happen whether it’s your fault or the tech. Once you no longer have control of the outcome, forget and move on.”
NFTs or Non-fungible tokens are a form of a digital asset that represents the ownership of an Ethereum blockchain worth the price of the asset. Max’s asset, a Bored Ape Yacht Club painting, is one of the most sought-after NFTs. There are 10,000 such assets out there, owned by millionaires like Jimmmy Falon, DJ Khaled, and Post Malone.
Such casual mistakes or “fat-finger” errors are common in the crypto industry as the payments are not regulated by any other bodies. Therefore, in case of such a mistake, the recipient alone can reverse the transaction. In a similar vein, a crypto exchange named Bitfinex paid $23.7 million against a deposit of just $100,000. However, a miner refunded the full amount after verification.
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