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This man sold a $300,000 Bored Ape NFT for only $3,000 because of a decimal point

Bored Ape NFT $300000

In an unusual incident, a seller lost money when he mistakenly listed the price of his ‘Bored Ape’ non-fungible token (NFT) on an NFT trading platform as $3,000 (0.75 Ethereum) rather than the original price of $300,000 (75 Ethereum). Before he could correct the price, the artwork was snapped up for $3,000 and sold.

A bot on the trading platform purchased the ‘Bored App Yacht Club’ NFT in an instant.

bored-ape-nft mistake

“The buyer paid an extra $34,000 to speed up the transaction, ensuring no one could buy it up before him. The Bored Ape was then promptly listed for $248,000,” according to CNET report.

“How’d it happen? A lapse of concentration I guess. 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 ($34,000) of gas fees so it was instantly sniped before I could click cancel, and just like that, $250k was gone,” its seller who goes by the name of Max was quoted as saying in the report on Monday.

In the world of traditional finance, such “fat-finger errors” are common.

In 2015, a junior Deutsche Bank employee sent $6 billion to a hedge fund client by mistake after miscalculating their calculations.

In 2014, a Japanese trader nearly purchased 57% of Toyota’s stock.

Last month, a cryptocurrency company paid a $24 million fee on a $100,000 transaction in error.

There is no way for Max to get his money back. It doesn’t help that the NFT he sold was part of a particularly valuable collection, according to the report.

“Once you no longer have control of the outcome, forget and move on,” he said.

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About the author

Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala.




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