Costly Mistake… Selling NFT for $17 Instead of 17 Ethereum (Losing $54,000)
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Answer Costly Mistake… Selling NFT for $17 Instead of 17 Ethereum (Losing $54,000)
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).
Read:6 reasons to be more optimistic about the future of Bitcoin adoption in 2019
$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 it 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 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.
Read:Soon you will be able to shop on “Amazon” with Ethereum… with the help of this technology
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.
Read also:
Total sales of non-fungible CryptoPunks reach $1 billion
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