Bitcoin
$ 53,162
Ethereum
$ 3,018.3
XRP
$ 0.9533

Costly Mistake… Selling NFT for $17 Instead of 17 Ethereum (Losing $54,000)

Source: https://bit.ly/3jqTSkv

One of the disadvantages of the crypto market is that there is no room for error and undoing a transaction.

Of course, mistakes are inevitable, but some are more expensive than others.

Recently, a mistake that cost him $54,000.

After minting a non-fungible code called “Mutant Ape# 5275” hours ago, its owner tried to sell it on the “OpenSea” platform, but the deal did not go as he wanted.

Instead of selling a picture of his monkey for $54,000, he accidentally sold it for $17, which is 99.9% less than the minimum price offered to him of 7.95 ETH ($24,200).

$17 instead of $54,000:

Most digital tokens on OpenSea and other Ethereum-based NFT marketplaces are generally priced using Ethereum.

As a result, the owner believed that the offer on his NFT was 17 ETH ($54,000), and accepted without knowing that the offer was $17 in USDC.

Notably, the image is from the Mutant Ape Yacht Club (MAYC) group, a group of 20,000 mutant monkeys that can be created either by minting them in public sale or by exposing existing monkeys to a vial of a serum.

More than 10,000 mutant monkeys were made available to the public through auction.

The mint rate started at 3 ETH and gradually decreased to 0.01 ETH over the course of 9 hours.

According to data on Etherscan, the owner of Mutant Ape #5275 spent about 2.87 ETH ($9,100), including fees, to mint an NFT before accidentally selling it for just $17 rather than 17 ETH as he had thought.

Interestingly, the user who bought NFT resold it for 5 ETH, making a profit of over $15,900 in less than three hours.

While the original owner is likely counting his losses, members of the crypto community believe that OpenSea should have a secure system in place to alert users whenever they try to sell their digital art at a price well below the lowest price.

NBA star Stephen Curry buys a picture of a bored monkey:

Meanwhile, in another development, three-time NBA champion Stephen Curry has purchased a rare monkey for $180,000.

Interestingly, one of the rarest monkeys (in the form of NFT) was sold yesterday for 1.3 million dollars.

Related Posts

Leave a Reply