Key points to remember
- Two investors from the Bored Ape Yacht Club made significant transaction errors over the weekend.
- One user underestimated his ad by typing a mistake, selling a $ 300,000 NFT Bored Ape for just $ 3,000.
- The other user mistakenly sent their Bored Ape token to a spin-off project they were not familiar with.
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Bored Ape Yacht Club, one of the most popular NFT series, gained attention this weekend as two users mishandled their tokens.
99% Seller Sub-Price Announcement
In one incident, the owner of Bored Ape # 3,547 sold this token for much less than expected.
A user named Max (aka “maxnaut”) listed the token for $ 3,066 instead of the expected $ 300,000 based on entry-level prices. The undervalued NFT was immediately picked up by another user and relisted for $ 248,000, an amount much closer to its expected price.
The variance was due to a typo or, in market terminology, a “big finger error”. The seller told CNET that the wrong price was due to a “lack of focus” and that although he quickly noticed the mistake, the offer was “sniped” before he could cancel it.
The sale took place on Saturday, December 11, but was first reported and published by tech news site CNET on Sunday.
User sends annoyed monkey to unreliable project
In another incident, a user passing by Dill Dill reported the possible theft of one of its NFT Bored Ape early Monday.
In a now deleted discussion thread, Dilly Dilly wrote that he had confirmed a deal with a spin-off project that was “supposed to produce an animated version of [the] monkey.”
It appears that the recipient did not follow through on the deal. Dilly Dilly has asked Bored Ape Yacht Club and the OpenSea Marketplace to attempt to freeze the deal if possible. Dilly Dilly also offered to reimburse the new owner of the NFT.
The public reaction was unfriendly, as critics noted that Dilly Dilly had deliberately sent the token. It is not clear if the receiving project was fraudulent or if the project was legitimate and Dilly Dilly simply sent the NFT in error. Others suggested that the event had not happened and that Dilly Dilly had sent the token to one of his own accounts to gain attention.
In a discussion thread, Dilly Dilly claimed he had been a victim of fraud and noted that “there are hackers on every corner.” However, he eventually admitted that “the fault is [his] own.”
Make way for reversible NFT transactions?
In traditional finance, there is usually a way for banks and payment networks to reverse erroneous transactions. In contrast, cryptocurrency and NFT transactions generally do not allow reversals, as no entity has central control over the assets of public blockchains.
A crypto influencer within the NFT community, Loomdart, suggested that Bored Ape Yacht Club could introduce a “centralized mintpass” which would give some transaction control to the project itself. It would probably be optional for users.
It does not appear that BAYC or OpenSea have any interest in setting up such a system. OpenSea does however provide advice to users who wish to secure their NFTs.
Bored Ape Yacht Club is currently NFT’s fourth-largest series in terms of weekly trading volume, with 7,449 ETH ($ 28 million) traded in the past seven days according to OpenSea.
Disclosure: At the time of writing, the author of this article held BTC, ETH, and other cryptocurrencies.
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