A “Lapse Of Concentration” Results In A $300,000 Bored Ape NFT Being Sold For $3,000
A typing error by the owner when listing a non-fungible token (NFT) that is known to be in high demand resulted in the token being sold for slightly high higher than $3,000.
The selling price was essentially one-hundredth of the market price of the token.
The NFT was one form the Bored Ape Yacht Club, which has only 10,000 pieces of the digital art. Each of the pieces has slight variations – thus making each one unique.
The owner made the typing error during the online sale of Bored Ape number 3,547.
An automated account was reported to have bought the NFT instantly. The new owner then put it back for sale for almost $250,000.
A report published in CNet quoted the seller of the Bored Ape number 3,547, maxnaut, saying that he had meant to put a 75 ethereum (ETH) price for the work. Ethereum is the most popular cryptocurrency used for the trading of NFTs.
The owner said the mistake was a “lapse of concentration,” because he lists many trades online every day. The mistake resulted in him mistakenly typing in “0.75 ETH” or about $2,989 instead of 75ETH.
“I instantly saw the error as my finger clicked the mouse but… it was instantly sniped before I could click ‘Cancel’ – and just like that, $250,000 was gone,” the owner was quoted in the report as saying.
It is suspected that the buyer of the NFT was a bot buyer and had to pay very high “gas” fees – charges for rapid processing of transactions on the Ethereum network. The buyer paid 8 ETH ($32,000) for the transaction to happen very quickly – almost instantly.
Experts noted that the typing mistake, as happened in this case, can be revised in traditional banking transactions if the facilitating bank is informed of the mistake in time.
However, this is almost impossible in the crypto-trading market since it is highly unregulated.
Having launched in April 2021, the NFTs’ of the Bored Apes series are “programmatically generated” in which mixes and matches a range of colors, designs and accessories are done by a computer script. This makes each of the NFTs to be unique.
Initially, the NFTs of the Bored Apes series was sold for 0.08 ETH each ($320 considering inflation). The price of each currency is at least 50 ETH ($200,000).
For owners of the NFTs, there is the additional benefit of being a member of the “yacht club”, – which offers members invitations to community events and access to exclusive digital content.
However, critics of the high-priced NFT market question what material gains, such as owning a physical form of the art, buyers get by putting in the money they do for many of the NFTs since the “certificate of ownership” is stored on the blockchain. In general, the use of cryptocurrencies for transactions is also criticized for using a lot of energy by high-powered computers that verify each of the transactions – which critics argue further aggravates global warming.