A Mutant Ape NFT seller mistakenly sold his pricey digital ape for an extremely cheap price.
The art, which was supposed to sell for 17 ETH ($54,000) was mistakenly sold for only 17 USDC. This little mistake in currency certainly cost the man a lot of revenue from the digital art.
According to reports, after minting the art, which has an official name of “Mutant Ape #5275,” the holder tried to sell it on OpenSea. But because of the overlooked currency, he sold his ape for only 17 USDC instead of 17 ETH.
The 17 USDC was so low that it was 99.9% below the Mutant Ape’s floor price of 7.95 ETH, which in today’s valuation is equivalent to $24,200
Costly mistake
Digital assets on OpenSea and other Ethereum-based NFT markets are usually priced at ETH. That is why the owner thought that when he entered his desired price for his Mutant Ape, he thought that it would automatically have an “ETH” currency. But unfortunately, his “17” had a currency of USDC, which basically blew up his pricey investment in his Mutant Ape.
His Mutant Ape, which is included in the “Mutant Ape Yacht Club” (MAYC) collection, is one of the most sought-after NFTs in the market today. Mutant Ape is also behind the popular NFT collection Bored Ape, which is also a high-value digital collection.
Fail-safe system
When the NFT was immediately purchased (and taking advantage of the mistake), the new owner resold it for 5 ETH, earning him $15,900 in less than three hours.
As this news spread all over social media, the crypto community suggests that OpenSea should have a fail-safe system that would tell sellers if they are selling their NFTs below the floor price, to prevent such costly mistake from happening.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/mutant-ape-mistakenly-sold-for-17-usdc-instead-of-54000/
