Bored Ape Yacht Club NFT Accidentally Sold for $3,000 Instead of $300,000
Read the full article here by Scott Chipolina here
Due to a fat finger error, a Bored Apes Yacht Club NFT holder accidentally sold Bored Ape #3547 for 0.75 Ethereum, instead of 75.
Key Points:
The Bored Ape Yacht Club have become household name, with many celebrities now becoming apart of the community. Trading nonfungible tokens have become a very popular thing for those that are in crypto.
With notoriety comes “FOMO”, what is known as Fear Of Missing Out and that is ultimately what has driven value in this space. The lowest listing price AKA “floor price” of owning Ape moved passed 50 Ethereum. Now, one of them has been accidentally sold for $3,015, despite being valued at $300,000, per CNET. A review of OpenSea confirms the transaction, which was made on Saturday. The owner previously bought the NFT for 1 Ethereum on May 30. At that time, Ethereum was trading at roughly $2,290.
“How’d it happen? A lapse of concentration I guess,” the NFT holder—Max—reportedly told CNET.
“I list a lot of items every day and just wasn’t paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 ETH of gas fees so it was instantly sniped before I could click cancel, and just like that, $250,000 was gone,” he added.
This means the buyer spent 8.75 Ethereum, or just under $35,000, in total to scoop up Max's fat finger mistake.
The mistake is especially painful when one considers just how valuable Bored Ape Yacht Club NFTs have become.
Last month, NFT marketplace OpenSea saw trading volume double after BAYC sales spiked by as much as 900%.
Yet, despite the massive loss of money on his Bored Ape sale, Max appeared to be taking the news rather well.
“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,” he said.