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Someone Just Sold a Bored Ape Ethereum NFT for Only $115 - Decrypt

Someone Just Sold a Bored Ape Ethereum NFT for Only $115 – Decrypt

In brief

We are increasingly used to seeing NFTs sell for sizable sums, but sometimes it’s the bargain basement sales for in-demand NFTs—particularly those well under the typical going rate—that really catch our attention. And this Bored Ape Yacht Club example today is a true standout.

Today, Bored Ape #835 sold for just 115 DAI, and because DAI is a dollar-pegged stablecoin, that amounts to just $115. But the Ethereum NFT project is one of the most popular and valuable collections on the market today, with the cheapest-available Bored Ape listed right now at 106.8 ETH, or about $358,000.

Some have theorized on social media that the seller thought the offer was for 115 ETH (about $385,000 right now), rather than 115 DAI. That said, the NFT was sold on OpenSea, which lists the USD amount for each cryptocurrency right alongside. It would be difficult to miss.

What makes this particular transaction extra suspicious is that the seller (cchan.eth) also sold a Mutant Ape Yacht Club NFT (#11670) at the same time for 25 DAI ($25). Again, that’s dramatically lower than the floor price or the cheapest available Mutant Ape on a marketplace, which is currently at 22.8 ETH (over $76,000).

So while it’s possible that someone made a mistake and sold a pair of NFTs for at least $461,000 less than their market value, it could also be the result of some kind of exploit.

OpenSea recently dealt with an exploit regarding inactive marketplace listings that had not automatically expired, and doled out millions of dollars to compensate victims. In another recent situation, OpenSea blamed an external phishing attack when users saw NFTs in their respective wallets sold without their express permission. Both issues were ultimately resolved.

Some have also speculated that these Bored Ape and Mutant Ape NFT sales are part of some kind of tax loss harvesting scheme or tax evasion attempt, as noted NFT collector Artchick suggested on Twitter.

feels more like a tax evasion attempt, they sold their mutant for $25 to the same wallet

they’ll probably claim they were scammed and may even have the audacity to try to write it off, they bought the ape for 16eth

if it was a mistake, i wish them well, it’s quite a loss pic.twitter.com/lOvpZaaC9Y

— artchick.eth 🔥👠 (@digitalartchick) March 28, 2022

Tax loss harvesting is when someone sells an NFT for well under the purchase price to help offset other capital gains. If the person who sold the Ape NFTs also controls the unlabeled buyer’s wallet, however, then they theoretically would only be spending the transaction fees to try and obscure a tax liability.

As of this writing, Decrypt is not aware of anyone claiming to have been on either side of these NFT sales, nor is it currently clear who is behind either wallet.

Whoever did buy the Apes, however, quickly redeemed the free ApeCoin (APE) token allotments provided to Bored Ape and Mutant Ape holders. All told, the buyer received 12,136 APE, worth about $181,000 as of this writing.

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This content was originally published here.