NFT of Bored Ape accidentally sold for one hundredth its price

A piece from one of the most prestigious NFT collections, The Bored Ape Yacht Club, has been accidentaly sold for one-hundredth of its market price.

The Bored Ape Yacht Club has a limited 10,000 pieces, only with minor variations. Their cheapest NFT piece is 52 ether or $210,000. The owner of Bored Ape, made a typing error and listed the piece at 0.75 ETH ($2,989) instead of 75 ETH.

Maxnaut, the seller, admitted the error to CNet due to a "lapse of concentration", saying that "I instantly saw the error as my finger clicked the mouse but… it was instantly sniped before I could click 'Cancel' - and just like that, $250,000 was gone."

The report stated the buyer paid very high "gas" fees of $34,000, which determined how quickly the ethereum network processed the transaction, ensuring the sale was made instantly. The Bored Ape was listed on the site then for $248,000.

According to CNet, fat finger trades often happen in traditional finance, but these transactions can be stopped if alerted quickly. However, with NFT and cryptocurrency, you can only rely on the goodwill of the buyer to reverse the transaction, since the system is decentralized.

Such errors are common in NFTs, and as Maxnaut says, "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." Just last month someone accidentally enlisted their CryptoPunk NFT for $19,000 instead of $19 million.