By: April Carson
A "fat finger" mistake by a NFT enthusiast resulted in the loss of hundreds of thousands of dollars.
A “Bored Ape Yacht Club” fan by the name of maxnaut (real name Max) intended to sell his ennui primate NFT for 75 ether, which is the Ethereum equivalent of about $300,000, but accidentally offered it for 0.75 ether instead, according to CNET.
This mistake would have netted him a mere $1,000 instead of the nearly $300,000 he could have potentially made.
Luckily for maxnaut, another Ethereum user known as “CryptoComes” decided to purchase the NFT for 1% of its theoretical value, which is still a hefty sum of $3,000.
The NFT was snatched up in seconds for $3,000 — one percent of the purported value — before maxnaut could correct the "fat finger mistake."
According to the seller, the buyer paid an additional $34,000 "gas fee" to speed up the process. According to CNET, it's likely that the NFT was purchased by a bot programmed to take advantage of this sort of human error and scoop up unusually cheap tokens before anybody else had a chance to correct them.
The NFT was quickly sold for a price of $248,000, almost immediately after purchase.
“I list a lot of things every day, and I was just not paying attention correctly,” Max said to CNET. “I realized there was a problem as soon as I tapped the mouse, but a bot sent a transaction with more than $8,000 worth of gas costs, so it was quickly assassinated before I could click cancel. In that moment, $250k vanished.”
Fat finger sales and near-misses have occurred in both the cryptocurrency and non-cryptocurrency worlds, according to the study, and while they can generally be reversed in regular banking or stock market scenarios, crypto traders with meaty hands are beholden to the goodwill of their customers — and blockchain arithmetic's unforgiving basic logic.
Someone attempting to sell their uber-pixelated "CryptoPunk" NFT for $19 million last month sold it for $19,000, according to reports. While it may appear incredible that someone would pay so much money for a tiny piece of 8-bit art, the most basic type of NFT was formerly priced around $1.4 million each in early November.
Nonetheless, the underlying issue behind this mistake - that so many people prize and desire these generic pieces of digital art over many residential properties - is tough to accept for those of us without millions of dollars worth of cryptocurrency to waste.
Elsewhere on the market, "Bore Ape" tokens - which were only created in December 2018 - are currently valued between $300,000 and $400,000. This is despite the fact that they provide no discernible benefits to their holders whatsoever.
In the world of NFTs and crypto, multi-millions are the name of the game, as maxnaut explained to CNET, "the industry is so new that even if you're not at fault, things will still go wrong."
It is perhaps because of this volatility that one guy recently made the mistake of accidentally selling a "Bored Ape" token for 1% of its value.
The unlucky trader, known only as "L," put the $300,000 asset up for sale on eBay for the princely sum of $3,000. When contacted by CNET, L said that he had "no idea what I was doing" and that he had since bought the asset back for $30,000.
It is perhaps fortunate for L that the market for NFTs is still in its infancy; a more experienced trader may have been able to take advantage of his mistake and make a profit.
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
To read more of April's blogs, check out her website! She publishes new blogs on a daily basis, including the most helpful mommy advice and baby care tips! Follow on IG @bossbabymav
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