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How Does Another Expensive NFT Become Mistakenly Sold at a Huge Discount?

Another popular and expensive non-fungible token (NFT), this time Bored Ape #835, an item in the popular NFT collection Bored Ape Yacht Club (BAYC), has been sold for a fraction of the collection’s floor price, and the community is arguing what could be the reason.

The floor price for BAYC is ETH 107 on Tuesday morning (10:00 UTC) (USD 360,000). Bored Ape #835, with an 86.83 rarity score, was sold for DAI 115 (USD 115), or 99.9% less than the collection’s floor price.

The NFT’s previous owner, who goes by the moniker “cchan,” accepted the DAI 115 bid on Monday, according to OpenSea statistics. The collection’s owner has also accepted a DAI 25 bid on Mutant Ape #11670, despite the collection’s existing floor price of ETH 22.6. (USD 76,000).

On the surface, it appears like the owner mistook DAI for ETH, especially as ETH 115 and ETH 25 may have been suitable offers for Bored Ape #835 and Mutant Ape #11670, respectively.

It’s worth mentioning, though, that OpenSea displays the USD equivalent of bids alongside the cryptocurrency, making it easy to spot. Furthermore, the fact that the owner sold both NFTs to the same customer adds to the mystery.

While the transaction could have been the product of a blunder, it’s also possible that it was the outcome of a scheme. NFApes, a Twitter user and NFT trader, claims to have contacted the owner, who claims they were unaware of the sale and suspects it was a hack.

Users have recently noticed their blue-chip NFTs being sold at a significantly reduced price without their permission on many occasions.

Exploiters were able to buy NFTs for outdated listing prices on OpenSea earlier this year. The marketplace refuted the hack allegations in a statement to Cryptonews.com, explaining that the problem occurs when customers establish listings for their NFTs and then transfer the listed NFTs to a different wallet without cancelling the listing.

Recently, OpenSea was the target of a phishing assault in which users’ NFTs were sold without their permission. OpenSea CEO Devin Finzer claimed at the time that victims had “signed a malicious payload from an attacker.”

However, as Twitter user Artchick pointed out, another theory is that the sales are part of an attempt at tax avoidance.

“It seemed more like a tax evasion attempt,” she claimed, adding that they sold their mutation for [USD] 25 to the same wallet. “They’ll probably claim they were duped and may even try to write it off because they paid 16eth for the ape.”

Meanwhile, the buyer has redeemed their free ApeCoin (APE) that was airdropped to Bored Ape holders last week, according to Etherscan transactions. They have received APE 12,136 in total (USD 172,700).

The buyer has sent the NFTs and APE tokens to a third wallet, which is noteworthy.

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