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A non-fungible token (NFT) trader sold a highly sought NFT for $3000 instead of $300,000, all because of a wrongly placed decimal point.
A “fat finger error” caused Max or “maxnaut”, to list his NFT for 0.75 ether, or about $300, instead of 75 ether or $300,000. He told tech news website CNET that a “lapse of concentration” caused him to accidentally type the incorrect listing price.
A fat-finger error is a keyboard input error (typo) or mouse misclick in the financial markets leading to the sale or purchase of an asset, at the wrong price.
Max, the owner of Bored Ape number 3,547 made a "fat-fingered" typing error when listing the item for sale online which was subsequently listed for $248,000.
An NFT is a unit of data stored on a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. It is used to represent items such as photos, videos, etc. While every piece of digital media is infinitely reproducible, an NFT is not. There is only one NFT and one corresponding owner.
Transactions in cryptocurrency markets are irreversible, unlike financial market transactions, unless the people involved in them are willing to reverse them.
Max told CNET, “The industry is so new, bad things are going to happen whether it’s your fault or the tecH. Once you no longer have control of the outcome, forget and move on.”
Bored Apes
Max’s NFT was part of the Bored Ape Yacht Club. The Bored Apes were launched in April 2021. It is a collection of 10,000 colorful apes that live on the Ethereum blockchain.
They are "programmatically generated" through a computer script that mixes and matches various colors, designs, and accessories to make each Ape unique.
Initially, each Ape was sold for 0.08 ETH ($320 at today's prices), they now sell for at least 50 ETH ($200,000).
Many NFT enthusiasts or celebrities such as Jimmy Fallon, DJ Khaled, and Post Malone have bought Bored Ape NFTs for hundreds of thousands of dollars and use their apes as a Twitter profile picture.
Being a part of the Bored Ape "yacht club" provides invitations to community events and access to exclusive digital content.
Picture Credits: CNET