We’ve all made typos. Its so easy when you’re in a hurry, especially when you’re writing numbers. Misplace the decimal point here, add an extra 0 there. Yet, sometimes, those mistakes can cost a lot, especially when it comes to money.
That’s what a NFT seller, discovered recently, when a moment of distraction caused him to list a Bored Ape Yacht Club NFT he was selling for 0.75 Ethereum ($2,989) rather than the intended 75 Ethereum ($250,000).
The NFT in question, Bored Ape Yacht Club #3547, was instantly bought by a bot, before the horrified user barely had time to realize his mistake. Before he could cancel his mistake, the transaction had gone through, as the buyer had automated the bot to pay a high ‘gas’ price of 8 Ethereum ($32,000) – the fee that determines how quickly a sale goes through, meaning that the transaction was complete in a matter of milliseconds.
Unlike traditional banking, where the transaction could be reversed, sales made using cryptocurrencies like the Ethereum used to trade this NFT cannot be reversed, as the market largely goes unregulated, and therefore there is no authority to hold traders accountable. As a result, mistakes like this are all too easy, if rarely reported or widely known about.
The Bored Ape Yacht Club series of NFTs were released in April 2021 for an initial price of 0.08 Ethereum ($320 today), but now sell for a minimum of 50 Ethereum ($200,000). They are made by a computer script mixing and matching various designs, accessories, and colours to make each piece of art unique, referred to as being ‘programmatically generated’.
While enthusiasts rave about pieces and series such as The Bored Ape and the access owning one grants them access to exclusive clubs, community events, and online content, critics wonder whether NFTs are really worth their price tags. What of any actual value are buyers are receiving in return? Sceptics doubt whether the certificate of ownership that is stored on the blockchain (the technology that cryptocurrencies rely on) confirming proof of ownership are worthwhile.
That’s not to mention the superpowered, high speed computers that hold the whole crypto industry together and verifies transactions, including NFTs, which are powerful but also hungry. These computers use a lot of energy in the process, and in turn having a negative impact on the environment.
Whether you think NFTs and cryptocurrency are the next big way to make money and are building blocks to the future, or you think they’re just digital avatars with no real value and not worth the crazy prices that others pay for them, one thing is for certain: You’ll never make a typo quite as bad as Bored Ape 3547’s seller. Or at the very least, we hope if you do you can fix it in time, or else let $250,000 go to waste in a moment of stupidity. Whatever you do, double-check where your decimal place is in your price next time.
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