Has the excitement surrounding the Bored Ape Yacht Club (BAYC) lately claimed a victim? An investor sold his non-fungible token (NFT) for $115, when it was worth more like $360,000… We take a look at the possible reasons for this sale.
An investor sells his Bored Ape for $115
Accident or voluntary sale? That’s the question on the minds of observers who saw NFT Bored Ape number 835 trade for just AED 115, or $115. BAYCs typically fetch much higher prices, among the highest in the non-fungible token ecosystem. For example, since this sale, the same NFT has been relisted at a price of 106 ethers (ETH)… Or $360,000 at the current price.
Some theorise that the seller confused 115 DAI with 115 ETH. This is plausible: 115 ethers is roughly the price at which a Bored Ape of this type could be traded. The holder would have accepted the offer without realising that it was made in stablecoin. On the OpenSea interface, the Dai and Ether logos have some similarities:
The sales list for Bored Ape 835
If this was an accident, then the investor in question must have had his fingers burned. This is of course not the first time that an NFT has been sold for far less than it should have been. Last week, we learned that an unfortunate investor had sold an EtherRock for less than 1 cent… While it was worth more than a million dollars.
A deliberate mistake
Part of the crypto community, however, seems to view this sale with suspicion, which could be a strategy on the part of the seller, whose pseudonym is cchan.eth. He also sold a Mutant Ape Yacht Club (number 11670) for the paltry sum of AED 25 at around the same time.
One theory is that these sales may not be accidental, and may be a way of dodging taxes.
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
The manoeuvre could allow the investor to record this sale as a loss, so as not to have to pay too much tax. This is of course only conjecture, as the person in question has not commented on the subject.
Accident or not, the fact remains that one hardly ever sees BAYCs being traded at such a low price. Currently, the floor price for an NFT of this type is more like 360,000 dollars. And the enthusiasm for the project does not seem to be waning: the creators of the Bored Ape Yacht Club have recently raised $450 million
