Bored Ape Yacht Club (BAYC) NFT Sold for Far Less it’s Worth

One of the most Non-Fungible Tokens (NFT) in the Bored Ape Yacht Club (BAYC) collection has just been bought for 0.75 ETH (worth $3,066 at the time of purchase) instead of the 75 ETH ($300,000) that it was originally worth. As reported by CNET, the owner of the Bore Ape NFT, named Max accidentally listed his art for a hundredth of its worth, realizing only after a buyer suspected to be a bot has capitalized on the error.

The use of bots is typically frowned at by most marketplaces as they give their owners a competitive advantage which comes against the fairness of the decentralized ecosystem. The Max Bored Ape blunder was difficult to reverse or cancel as the bot allegedly paid a $34,000 in ETH transaction fee in order to expedite the transaction accordingly. The lucky buyer thereafter listed the NFT on OpenSea for 59.99 ETH worth approximately $238,000 at the time of writing. The piece is billed to soar seeing the number of partnerships BAYC is perfecting in recent times one of which is with Timbaland per TheCoinRise report.

“How’d it happen? A lapse of concentration I guess,” Max said. “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.” 

Errors and irreversibility of transactions of this nature have pitched many critics against the decentralized ecosystem alongside the majority of the innovations that are emerging through it.

Beyond the Bored Ape NFT Mishap, Crypto is Replete With Similar Blunders

The Bored Ape NFT giveaway is just one of the latest examples of a fat finger error that is being recorded in the growing digital currency ecosystem. Far back in 2019, Tether mistakenly minted about $5 billion worth of USDT. In September, Bloomberg reported that a cryptocurrency exchange mistakenly paid $24 million in transaction fees for just a $100,000 transaction. The trading platform got lucky as the funds were returned to the exchange.

With the industry still developing, Max said once the error has been discovered, it is best for the person on the receiving end to move on as the chances of funds retrieval are very low.

“The industry is so new, bad things are going to happen whether it’s your fault or the tech,” Max said. “Once you no longer have control of the outcome, forget and move on.”