NFT collector loses 35 ETH after a “fat finger” bid on Beanz collection

February 19, 2023 at 10:43 am

Edited by Dalmas Ngetich

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NFT collector loses 35 ETH after a “fat finger” bid on Beanz collection

An NFT collector by the name “Franklin” on Twitter has accidentally lost 35 ETH, worth over $59k, after a “fat finger” bid on Beanz collection.

A costly fat finger

Franklin, who claims to be the sixth largest collector of Bored Ape Yacht Club (BAYC), said he accidentally placed a “fat finger” offer of 35 ETH for a Beanz collection. He meant to place a much lower bid considering the floor price of the Beanz NFTs is less than 2 ETH.

As you may already know, I placed a fat-finger collection offer of 35 ETH on Beanz. 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.

Oops.

I’ll be okay.
— Franklin (@franklinisbored) February 19, 2023

Because of the ultra-high bid of 35 ETH on a single Beanz NFT, the bid was quickly accepted before he could cancel.

Beanz NFTs are “small species that sprout from the dirt in the garden” and can make a “great sidekick for Azuki”. Each Bean, the creator explains, is “earnestly driven by the desire to help”. All Beanz NFTs have been minted on Ethereum.

By accepting the bid price offered by Franklin, the seller of the unidentified Beanz NFT got an above-rate profit from the asset. The immutable nature of ETH and crypto transactions means funds cannot be reversed once confirmed. Should Franklin decide to recoup funds, the only recourse is to engage the seller directly. Whether he will receive funds directly depends on the seller; if this is the path, Franklin may have to convince the seller that it was a mistaken bid.

Franklin didn’t mention precisely the NFT marketplace he placed his bid.

Beanz NFT statistics

Beanz NFT collection is listed on several marketplaces, including OpenSea, the largest by trading volumes, and Rarible. On OpenSea, only six NFTs are valued between the 30 ETH to 35 ETH range. Specifically, Bean #12645 and Bean #18478 are listed for 35 ETH. Interested buyers can place bids. The auction for each ends in four and two months, respectively.

NFT collector loses 35 ETH after a “fat finger” bid on Beanz collection - 1

Per OpenSea statistics, there are 19.9K Beanz owned by 7,396 holders. The floor price stands at 1.615 ETH, a price that’s been steady in February.

NFT collector loses 35 ETH after a “fat finger” bid on Beanz collection - 2

The collection has a total trading volume of over 109k ETH. 58% of all Beanz holders hold one NFT item, with less than one percent being holders of at least 50 NFTs.