NFT: Last Saturday (11), a collector of digital arts in the format of NFTs, “Maxnaut”, committed a very expensive faux pas. The technology enthusiast ended up listing a piece from the Bored Ape Yacht Club collection, known for its rarity and high values, for a price much lower than previously estimated. Named “#3547”, the work sold for just $3,000, about 99% below its original price of $300,000 — $1.7 million in direct conversion.
As costly as it is simple, the case occurred due to a typo. Inattentive, as explained in an interview with CNET, Maxnaut adjusted the price of the NFT to 0.75 ethers (ETH), when the intended price was 75 ethers. The collector realized the error seconds after confirming the decision, but it was too late: the piece had been sold for an automated bid of 8 ethers, or $30,000 at the current cryptocurrency price.
Called the “Fat Finger”, this problem is not unique to NFT trading and it is also quite common in the “more traditional” market media, which include banks and brokerages. However, in Maxnaut’s case, there is no way to reverse the transaction due to the decentralized nature of auction environments that accept cryptocurrencies — something that can be perceived as both an advantage and a disadvantage.
Although he recorded a loss of nearly $250,000, in practice Maxnaut chose to face the situation realistically: “Sometimes you waver … it will happen,” he muses, “but let it occupy your mind for even a second after you can no longer affect the result it’s purely to get hurt twice,” concludes the collector, in a tweet.