A Bored Ape Yacht Club (BAYC) NFT sold for 10 ETH ($18,700) in a surprising sale. However, the floor price currently sits at 87.5 ETH ($164,000). So, how did this happen? Could it be a scam or a hack? After some investigation, we have found out it was a complete accident. The owner, @nft_metaman, listed the NFT (Bored Ape #3158) at a low price by mistake on OpenSea. Here is how it happened.
‘Fat finger’ Bored Ape sold at 10 ETH.
First of all, it’s important to point out that @nft_metaman is not the first person to do this. In fact, there have been numerous examples of this, and it has cost people a lot of money.
It happens so often that some people use ‘bots’ to try and quickly buy NFTs that appear at a lower value than the current floor price. In this instance, the NFT was swiped within minutes, leaving the owner with a substantially lower sale than they wanted.
@nft_metaman said about the Bored Ape 10 ETH sale, “Yep, was a fat finger. I was trying to list at 105. I never thought it’d happen to me. Devastating.”
How to avoid listing NFTs at the wrong price
OpenSea and other NFT marketplaces have implemented numerous security checks to avoid NFTs being listed at the wrong price, but obviously, it isn’t entirely risk-free.
For example, if you list an NFT below the floor price on OpenSea, it warns you before confirming the transaction. Unfortunately, this is how the Bored Ape NFT sold for 10 ETH.
However, many people believe this should have more than a one-click feature and perhaps needs to offer extra NFT security measures.
In the future, this could change, but for now, users must remember to take extra care and double, even triple check when selling NFTs at such a high value.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.