Tuesday, September 19, 2023
HomeNFTMonkey NFT Typo Causes Seller To Lose Out On $297,000

Monkey NFT Typo Causes Seller To Lose Out On $297,000

Like many NFTs, The Board Ape Yacht Club is a collection of 10,000 digital art pieces with minor variations on the same “boring ape” theme. Some wear hats, some smoke cigars, and some look like the recently deceased cyborg monkey. As you can see in the picture above, this is the case with the boring ape number 3,547.

But I’m not going to talk here that it’s inherently strange to use computer algorithms to generate ape-themed jpegs and sell them for thousands of dollars. Here we explain that if you accidentally enter the wrong number in a field on your website, it can cost you $ 297,000.

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The boring ape number 3,547 previously belonged to a man named Max, the OpenSea username maxnaut. The number 3,547 here is usually worth 75 ethers, which is a popular form of cryptocurrency worth about $ 300,000, but when Max went to sell the number 3,547 on OpenSea, he mistakenly priced it. I entered 0.75 ether. This is a 100th rate.

Boring apes 3547

Also, the NFT space is not fully regulated, so it is impossible to fix such costly errors. Before Max removed the wrong-priced monkey NFT from the list, the autobot noticed a very low-priced NFT and automatically purchased it at a low price of $ 3000 and an additional fee to speed up the transaction. ..

“I was listing a lot of items every day and I wasn’t paying close attention,” Max said. CNET In an interview. “I got an error as soon as I clicked the mouse with my finger, but because the bot sent the transaction with a gas charge of 8 ethers or more, it was instantly eavesdropped before clicking Cancel and lost $ 250,000. . “

“Gas charges” are what OpenSea users can pay to process transactions quickly, and 8 ethers cost about $ 32,000. Still, paying $ 32,000 to sniper an NFT is worth it when you can quickly turn around and sell for 52 ethers ($ 210,000).

Number 3,547 is currently listed in OpenSea’s 85 Ether, Or about $ 320,000. Apparently, this fat finger mistake gave this money some bad publicity and pushed up the price.

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