A buyer purchased a rare one-of-a-kind asset from the seller, but shortly after receiving the item, he notice that his account had been charged for more than $250k by mistake. What could have caused this mishap? How should someone with an NFT be protected in case of such mistakes?

The “101 bored ape yacht club nfts” is a cryptocurrency that was created by the Bored Ape. The coins were sold to an investor, who then lost $250,000 through a mishap sale of the coin.

Seller Loses $250,000 Through Mishap Sale of Bored Ape NFT

A Bored Ape Yacht Club (BAYC) NFT sold for $3,000 instead of $300,000 on Saturday, which was a very unusual occurrence in the NFT world. The NFT’s previous owner lost over $250,000 as a result of the unusual deal.

Bored Ape #3547 was erroneously advertised for 0.75 ETH instead of 75 ETH by the previous possessor of the BAYC NFT, which is one of the most notorious and costly NFTs that have ever graced the metaverse. This meant that it was sold for $3,015, or one-hundredth of its market worth, despite being appraised at $300,000. Following the incident, the NFT community is referring to the issue as a ‘fat finger error,’ a phrase used in trading to denote inaccurate data entry due to human error.

“I list a lot of products every day and simply wasn’t paying attention adequately,” the ex-holder of the NFT, known as Max, said. As soon as my finger hit the mouse, I saw the issue, but a bot made a transaction with almost 8 ETH in gas costs, thus it was sniped before I could cancel, and $250,000 was gone.”

This means that the buyer paid 8.75ETH (about $35,000) for Bored Ape #3547, putting them in line for a sizable profit margin once the transaction is completed. It’s also possible that the deal was snatched by a machine programmed to buy NFTs below a certain price.

However, as the old adage goes, there is a silver lining to every cloud, no matter how little. After purchasing the NFT for 1 ETH in May of 2021, when ETH was priced at about $2,290, Max is expected to have gained over $700 profit on the transaction.

To learn what more Max had to say about his “fat finger mistake,” follow him on Twitter.

 

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The “sotheby’s events” is a company that has been around for over 250 years. The company specializes in selling art, antiques and collectibles. Recently the company made an error when they sold a rare piece of artwork to a buyer who claimed that they were not able to receive it due to shipping issues. The buyer then filed a lawsuit against the company and sued them for $250,000.

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