Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) are some of the most expensive and well-known NFTs around and one of them has been accidentally sold for $3,015 (roughly Rs. 2.28 lakh), despite being valued at $300,000 (roughly Rs. 2.27 crore). The owner of the NFT, who went by the name Max or username, ‘maxnaut’, had wanted to list his Bored Ape NFT for 75 Ether only to end up listing it for 0.75 Ether, which was about one-hundredth of the actual price because of a “lapse of concentration”.
This isn’t the first time that an incident like this has occurred. In fact, we’ve seen multiple rounds of Ethereum NFTs being sold for a fraction of their value through such inadvertent mishaps. Max’s post on Reddit also revealed that his loss was only $250,000 (roughly Rs. 20 lakh). However, due to the gas fees, his transaction saw a total of around $3.015 million (roughly Rs. 2.28 crore) worth of Ether being transferred to the seller’s wallet. However, this didn’t go through since Max realised his mistake in time and cancelled it before it went through completely.
In the burgeoning NFT scene, Bored Ape Yacht Club NFTs have exploded in popularity. Following a 900 percent increase in BAYC sales, the NFT marketplace OpenSea saw its trading volume double last month. This is likely due to the recent influx of institutional investors who are looking to diversify their portfolios into digital collectibles.
Bored Ape Yacht Club tokens were among the first NFTs to be auctioned off on OpenSea and have consistently held their value, even as new and more exotic NFTs hit the market. The Bored Ape Yacht Club is a private members-only club that offers some of the most exclusive NFTs available.
Unlike fat finger errors that occur in bank transactions that can be easily reversed upon notifying the relevant authorities, fat finger errors within the cryptocurrency space, which is decentralized and lacks any such authority, can often result in significant losses. This is because there is no one to reverse the erroneous transaction or provide any form of compensation. The
The only way to prevent such losses is to be extremely careful and vigilant while trading in decentralized marketplaces.
Max has since purchased a new NFT called ‘Most Expensive bored ape yacht club nfts’ that now holds the distinction of being the world’s most expensive NFT, as he explained in his Reddit post: “I just purchased a new non-fungible token called ‘Most Expensive bored ape yacht club nfts’. It is a one of a kind token and all I can say about it is the name itself. It
Is the most expensive ape NFT in the world?
In a recent interview with CNET, Max warned others about the dangers of trading in the new and uncharted territory of decentralized marketplaces: “Because the sector is so new, horrible things will happen, whether it’s your fault or the fault of the technology. Forget and move on once you no longer have control over the outcome,” said Max to CNET. “Ethereum has a scaling problem that could lead to decentralized exchanges becoming less efficient in the future, resulting in more expensive transactions that affect everyone using the network. Decentralized exchanges are still very new technology and not well understood by most cryptocurrency traders,” he added.
The entire NFT industry is still a relatively new frontier and as such, it’s prone to errors. Whether these are human or technological in nature, they can lead to significant losses.