Mistakes are inevitable in life, and they can cost thousands of dollars in the cryptoverse.
A non-fungible token (NFT) was recently sold for a fraction of its worth by the owner of a Bored Ape Yacht Club (BAYC) collection, although there are claims that it was a hack.
In what looks to be either a hack or a terrible error, an OpenSea user named "cchan" accepted a bid for BAYC #835 at the start of the week.
The rare NFT, which was valued at over $300,000, was sold for $115 or 115 DAI, which is 99 percent less than its value. Furthermore, according to OpenSea's data, the owner sold another NFT worth $76,000 for $25 DAI to the same buyer.
BAYC has a floor price of $350,000, and the qualities on BAYC #835 are among the rarest in the collection, potentially increasing its value.
Other bidders were eager to buy the NFT for up to 106 ETH on the platform at the time of the sale, so it's unclear why he didn't accept their offers.
The sale is commonly assumed to have been made in error, with the seller mistaking DAI for ETH. DAI is a USD-pegged stablecoin, and 115 ETH is currently worth about $360,000 at today's values.
According to the buyer's footprint on the site, he has a pattern of bidding on BAYC NFTs with DAI in the hopes that someone will accept his offer by accident.
Later, the NFT's seller expressed his surprise at the incident to The Block, saying that he "was in the process of figuring it out as well." The vendor said that he had not initiated any transactions and that he had maintained a high level of security while traveling.
He went on to say that he would be "hard-pressed to call it a hack," and a BAYC owner agreed, claiming that it was a hack after speaking with the seller.
This isn't the first time I've been in the area
The recent incident is not an isolated occurrence; the NFT area has seen its fair share of blunders and exploitation. A CryptoPunk NFT with an estimated value of $850,000 was sold for less than 20,000 in November due to a decimal miscalculation.