Seller loses $250,000 after listing his Bored Ape Yacht Club NFT for the wrong price

[midian182]

Facepalm: From elaborate scams to hacks, most people are aware of the inherent dangers associated with NFTs, but it seems something else to be mindful of is the dreaded 'fat finger' error. The act of simply hitting the wrong keys has cost the owner of a Bored Ape Yacht Club NFT almost $250,000 after they listed it for the incorrect price.

The Bored Ape Yacht Club is a set of 10,000 semi-randomly generated apes created by Delaware-based Yuga Labs. They’re some of the most sought-after NFTs you can buy; a collection containing 101 apes sold for $24.4 million back in September, and its members (owners) include Jimmy Fallon, Steph Curry, and Post Malone, writes CNET.

The cheapest Bored Ape Yacht Club NFT is current on sale for 52 ether, or almost $208,000, so it was a surprise to see one on sale for $3,999 on Saturday.

Spot the odd one out

It turns out that this wasn’t some scam; the NFT’s owner simply typed 0.75 ether when listing his non-fungible instead of 75 ether, or $300,000. Seller Max, who goes by the username maxnaut, blamed the mistake on a "fat-finger error."

The unusually cheap NFT was bought instantly, with the purchaser paying an extra $34,000 to expedite the transaction, thereby ensuring nobody else was able to buy it before them. The item was then relisted for $248,000. It’s believed that a bot coded to purchase NFTs below a specific price was the one that grabbed the bargain.

"How'd it happen? A lapse of concentration I guess," Max told CNET’s Daniel Van Boom. "I list a lot of items every day and just wasn't paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 eth [$34,000] of gas fees so it was instantly sniped before I could click cancel, and just like that, $250k was gone."

The disastrous consequences of fat finger syndrome are far from new. In addition to costing sellers a lot of money, typos were blamed for a hijack alarm at Amsterdam airport and (partly) why Aliens: Colonial Marines was so bad.

h/t: CNET.

Permalink to story.

https://www.techspot.com/news/92599-seller-loses-250000-after-listing-bored-ape-yacht.html

 

[Goamist]

Still 34k dollars above the real value...

 

[stewi0001]

And I thought micro transactions were evil.

 

[Neatfeatguy]

If I have to ask this, I probably don't need to know....

What the helI is the Bored Ape Yacht club and why do we care?

 

[VaRmeNsI]

If I have to ask this, I probably don't need to know....

What the helI is the Bored Ape Yacht club and why do we care?

It's basically a $34k picture of an ape.

 

[Theinsanegamer]

$34k to expedite the transaction of a picture of a monkey.

This is just so dumb. It's a literal fools market, and it cant collapse soon enough.

 

[Dunkerton]

Money laundering.

 

[Nintenboy01]

I saw that he put money into the wallet that bought this NFT. Seems he was just generating a fake scandal

 

[Uncle Al]

I still haven't stopped laughing ....

 

[BadThad]

People are *****s paying this much money for a picture of an ape that nobody even knows or recognizes. DUMB!

 

[MaestroIT]

Really? people pay this huge amount of money for digital drawings of monkeys?!?!?!?!?!?!?!?!?!?!?!?

IMHO, NFT's are the worst idea ever !!!!

(ps. this comment is for sale as NFT, for the humble price of $1million)

 

[defaultluser]

Really? people pay this huge amount of money for digital drawings of monkeys?!?!?!?!?!?!?!?!?!?!?!?

IMHO, NFT's are the worst idea ever !!!!

(ps. this comment is for sale as NFT, for the humble price of $1million)

Hey man, Scammers got jealous of Chris Roberts selling Spaceship pictures for nearly 1k, and then said "hey, we can do better!"

 

[hover389]

This is all such insanity

 

[Ravey]

Really? people pay this huge amount of money for digital drawings of monkeys?!?!?!?!?!?!?!?!?!?!?!?

IMHO, NFT's are the worst idea ever !!!!

(ps. this comment is for sale as NFT, for the humble price of $1million)

The values of NFT's seem on par with regular art work sold at an exclusive art gallery. We are in an age where we have a lot of digital artists that have every right to sell their work without it being copied/plagiarised. NFTs prove that Digital artwork is original and worth the value set against it. It's a one of a kind item that can't be duplicated.

 

[Goamist]

The values of NFT's seem on par with regular art work sold at an exclusive art gallery. We are in an age where we have a lot of digital artists that have every right to sell their work without it being copied/plagiarised. NFTs prove that Digital artwork is original and worth the value set against it. It's a one of a kind item that can't be duplicated.

Digital artists that didn't even bother to create these pieces of... art by hand: it's "a set of 10,000 semi-randomly generated apes created by Delaware-based Yuga Labs." How many lifetimes would Dali or Pollock need to create 10k paintings?
Why do I even bother with this subject, though? As long as there are *****s with money (or interest in money-laundering, as was correctly pointed out above), there will always be trash sold as art. After all, there aren't enough true art pieces to go around...

 

[hover389]

The values of NFT's seem on par with regular art work sold at an exclusive art gallery. We are in an age where we have a lot of digital artists that have every right to sell their work without it being copied/plagiarised. NFTs prove that Digital artwork is original and worth the value set against it. It's a one of a kind item that can't be duplicated.

NFTs and digital art work are not one of a kind and it can be duplicated down to the the exact 1s and 0s. Regular real world art cannot be duplicated. You can take a picture of it but it will never be the same thing physcially.

 

[WithoutAnyMilk]

Money laundering.

This has to be it. I understand that the vast majority of humanity is devoid of any sense, but I refuse to believe that there is a single person in the world that would legitimately value a picture of a cartoon monkey at $300,000. I simply refuse.

 

[Avro Arrow]

Is this what humanity has sunk to? Oh man, this is a perfect blend of hilarious and pathetic.

 

[Ravey]

NFTs and digital art work are not one of a kind and it can be duplicated down to the the exact 1s and 0s. Regular real world art cannot be duplicated. You can take a picture of it but it will never be the same thing physcially.

You cant copy the signature of an NFT. That's the whole point right? It's like how you can't copy a bitcoin. That's what makes it so valuable.

 

[0dium]

You cant copy the signature of an NFT. That's the whole point right? It's like how you can't copy a bitcoin. That's what makes it so valuable.

You can upload the same picture for sale, it will have a different signature. Now the question. What will make that signature more "legit" than my copy?

 

[Ravey]

You can upload the same picture for sale, it will have a different signature. Now the question. What will make that signature more "legit" than my copy?

I would assume the original signature would be digitally assigned to the artists name and personal details to make it authentic. (much like an artist signing a picture)

You could duplicate it, but the value of your copy would be less as it's not the original.