NFT collector Franklin just made a terrible blunder—he placed a “fat finger” offer of 35 ETH for a single Beanz NFT. Franklin, who is the sixth largest Bored Ape Yacht Club (BAYC), was trying to buy 35 NFTs in the collection. Unfortunately, he ended up placing a 35 ETH offer on a single NFT, whose floor is less than 2 ETH.
Here’s all you need to know about what happened with Franklin:
Franklin loses 35 ETH
Taking to Twitter yesterday, February 19, Franklin recounted his costly mistake. While we was placing a bid, Beanz’s floor price was at 1.73 ETH. Although he wanted to mint a quantity of 35 NFTs in the collection, he ended up making a 35 ETH offer. While he tried to cancel, the seller accepted the bid in no time.
“As you may already know, I placed a fat-finger collection offer of 35 ETH on Beanz,” he tweeted. “I meant to type a much lower bid with a quantity of 35, but I instead bid 35 ETH for 1 purchase (floor of like 1.73 ETH at the time). It got accepted before I could cancel.”
Web3 and costly fat finger mistakes
Unfortunately, what Franklin did is a common mistake in the Web3 space. Many NFT newbies and veterans alike have lost thousands of dollars through this costly mistake.
For example, early last year, a BAYC holder sold their Bored Ape #6462 for $200. At the time, BAYC’s floor was around 100 ETH or about $200,000. It is likely that the holder thought they were accepting a 200 ETH offer instead of 200 USDC.
At the end of the day, always remember the golden rule: always double-check all your transactions!
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This article is educational material.
As always, make your own research prior to making any kind of investment.
