Massive Error on OpenSea: $350,000 Worth Bored Ape Yacht Club NFT Sold For $115
The NFT market is known for scams and hacks, and at times, minor mistakes cause major losses. Some sellers have experienced immense financial damages by misplacing a decimal point (.) or mistaking it with a decimal period (,). Due to such a mistake, a seller once sold his precious NFT for 0.75 ETH instead of 75 ETH.
This time, the error was made by confusing Ethereum with Dai and led OpenSea’s user ‘cchan’ to lose hundreds of thousands of dollars as he sold a Bored Ape Yacht Club NFT with the wrong cryptocurrency. At the time of writing, 1 Ethereum costs $3,467, while DAI is a stablecoin based on the Ethereum blockchain, maintaining a $1 value.
According to OpenSea, a $350,000 Bored Ape #835 was sold for 115 DAI ($115) – 99.9% below the NFT collection’s floor price. The NFT was acquired last summer for $50,000 at the time (16 ETH).
The sale was either a hack or a costly error. Yet the most believable scenario is that the owner mistook DAI with ETH. There were other bids (ranging from 75 ETH to 106 ETH) closer to the market value of the Bored Ape Yacht Club NFTs, but the offers were declined. The current floor place of BAYC NFTs is 107.17 ETH.
The owner also sold his Mutant Ape #11670 to the same buyer for 25 DAI ($25), way below the floor price of 22.6 ETH ($76,000).
Twitter users suggest that the seller’s OpenSea account got compromised, and he sold his NFTs without knowing.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies from the University of Amsterdam and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, “Open Cages,” where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected].
More articlesAgne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies from the University of Amsterdam and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, “Open Cages,” where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected].
