Wednesday, September 27, 2023
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NFTs worth over $1 million sold for thousands on OpenSea due to a loophole in its listing

Hamza Farid Malik

This boring ape is just one of the recently auctioned NFTs.Sotheby’s

  • According to Bloomberg, opportunists bought a much less expensive NFT worth more than $ 1 million ($ AU1) in total because of a bug in OpenSea.

  • One boring ape NFT sold at 128 ether was purchased at 87 ether. That is, the seller missed $ US90,000 ($ AU126,011).

  • OpenSea said it closed the loophole that redisplayed the old list when the item was returned to the wallet.

Opportunists have exploited OpenSea loopholes to buy over $ 1 million (AU1) NFTs for just a few thousand dollars. Bloomberg report.

Market buyers were able to buy popular NFTs at older prices, well below market prices, from a list created some time ago. In short, sellers noticed that their products were significantly cheaper than expected.

One missed a profit of $ 90,000 ($ 126,011 AU) when he discovered his profit. Boring ape yacht club According to Bloomberg, the NFT was priced at 128 ethers, which was almost $ 286,000 ($ AU400,434) at the time, but was purchased at 87 ethers for about $ 194,000 ($ AU271,623).

OpenSea, the largest market for NFTs, said: Monday tweets..

The loophole occurred when the seller transferred the NFT of the old list to another wallet and created a new list without canceling the original list. Along with the new price, the old price was still available to those who delved into it.

Buyers bought NFTs at older, cheaper prices. Then they sold them at a higher market price.

According to media reports, list items from other NFT collections popular in some wallets, such as Cool Cats, Mutant Ape Yacht Club, and Cyber ​​Kongz, were affected.

NFT (short for “Non-Fungible Token”) is a crypto asset and represents an intangible digital item such as an image, video, or in-game item. They soared last March when artist Beeple sold collage as an NFT at Christie’s for $ 69 million ($ 97 million).

Sellers wishing to cancel their original list on the NFT platform will need to send a message over the blockchain. This requires a transaction fee. Bloomberg reported.. To avoid these fees, the seller may have transferred the NFT to another wallet.

OpenSea admitted a loophole on Monday, saying it couldn’t take action on behalf of the seller.

“We can’t cancel these orders for Lister, so we launched a new list manager today to solve the problem,” he said on Twitter.

OpenSea did not respond to Insider’s comment request.

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