An NFT holder appears to have sold a $350,000 Bored Ape from the world’s most famous and expensive NFT collection for a meager $115 in what appears to be either a regrettable mistake or a hack.
The sale, which occurred on the world’s largest NFT marketplace, OpenSea, has sparked considerable debate, as the floor price which is the lowest price of any NFT within a collection of a Bored Ape NFT is currently set at 106.0 ETH or USD 360,560 at today’s prices.
The Bored Ape Yacht Club, or BAYC, is the most valuable NFT avatar in terms of market capitalization. On the blockchain, there are NFTs. They are publicly traceable and represent the first solution for proving digital asset ownership rights. Because of their programmability. They are gaining traction in the content creator space, music, real estate, and other industries due to their programmability.
The BAYC collection contains 10,000 special NFTs that were generated algorithmically from over 172 possible traits that determine the rarity of each ape. Laser eyes on 69 apes, blue beams on 49 apes, solid gold fur on 46 apes, and a “Bored Unshaven Pizza” mouth, of which only 26 specimens exist, are among the most highly prized features. The rarer the traits of an ape image, the more valuable the NFT. According to data collected as of March 2022, the total value of BAYC trading on the OpenSea marketplace was over 466,000 ETH (US$1.4 billion).
Besides their extensive use as profile photographs on social media, the BAYC series is notable for its versatility. Exclusive admission to the Yacht Club, a members-only retail store, and an exclusive Discord server are all included in the BAYC collection. Additional NFTs, such as a free Bored Ape Kennel Club, are available to BAYC holders.
The owner of BAYC NFT #835 accepted a price of 115 DAI ($115) for the NFT, according to data from web3 marketplace OpenSea. DAI is basically a stablecoin which runs on the Ethereum network. The offer is 99.9% lower than the NFT collection’s current floor price. A Mutant Ape #11670 was sold by the same owner to the same buyer for $25. The issue is most likely the result of an error on the part of the original owner, who mistook DAI for ETH. DAI is a stablecoin tied to the US Dollar, with 1 DAI equaling 1 USD. Meanwhile, the price of a single ETH varies greatly from day to day, now hovering around $3,000 per ETH. If the BAYC NFT had sold for the same price in ETH, the owner would have received about $394,000, which is significantly closer to current floor values. It’s also possible that the account of the vendor has been hacked. One member of the Bored Ape Yacht Club said he called cchan and was unaware of the sales, hinting that he had been hacked.
However, this isn’t the first time a Bored Ape NFT has been sold for less than half of its market worth. Because of a listing error on the seller’s part, Bored Ape #3547 sold for $3,000 instead of $300,000 in December.
A CryptoPunk NFT was sold for $19,000 instead of $19 million a month earlier due to a similar listing error on the seller’s part.