Sunday, January 16

Monkey NFT typo causes seller to lose $ 297,000

In the NFT world, having big toes can cost you.

Like many NFTs, The Board Ape Yacht Club is a collection of 10,000 pieces of digital art that have minor variations on the same “boring ape” theme. Some will have hats, some will smoke cigars, and some will look like recently deceased cyborg monkeys. Such is the case with Bored Ape number 3547, as shown above.

But we’re not here to talk about how using a computer algorithm to generate ape-themed JPEG files and selling them for thousands of dollars is inherently weird. We’re here to talk about how accidentally typing the wrong number into the field of a website can cost you $ 297,000.

Bored Ape number 3547 previously belonged to a guy named Max, OpenSea username maxnaut. The number 3547 here is usually worth 75 ether, which is a popular form of cryptocurrency worth roughly $ 300,000, but when Max went to sell the number 3,547 on OpenSea, he accidentally wrote the price as 0.75 ether, one hundredth of the rate. current.

And because the NFT space is not fully regulated, costly mistakes like this are impossible to correct. Before Max could bring his mono NFT up for sale at the wrong price, an automated bot noticed the wildly undervalued NFT and automatically bought it for the low price of $ 3,000, plus an additional fee to speed up the transaction.

“I make a list of a lot of items every day and I just wasn’t paying proper attention,” Max said. CNET In an interview. “I instantly saw the error when my finger clicked on the mouse, but a bot sent a transaction with more than 8 ether of gas fees, so it was instantly removed before I could click cancel, and thus $ 250,000 They got lost”.

“Gas fees” are something that OpenSea users can pay to ensure their transaction goes through quickly, and 8 ether costs roughly $ 32,000. Still, paying $ 32,000 to fire an NFT is worth it when you can immediately turn around and sell it for 52 ether ($ 210,000).

The number 3547 is currently listed at 85 ether on OpenSea, or approximately $ 320,000. Apparently this big toe mistake has given this money some notoriety and pushed the price up.

Reference-www.jugomobile.com

Leave a Reply

Your email address will not be published. Required fields are marked *