An NFT holder appears to have sold a $350,000 Bored Ape from the world’s most famous and expensive NFT collection for a paltry $115 in what appears to be a regrettable mistake or hack.
The sale, which took place on the world’s largest NFT marketplace, OpenSea, has sparked much debate as the floor price is the lowest price of all NFTs within a collection of a Bored Ape NFT is currently fixed at 106.0 ETH or $360,560 at current prices.
The Bored Ape Yacht Club, or BAYC, is the most valuable NFT avatar in terms of market cap. On the blockchain, there are NFTs. They are publicly traceable and are the first solution for proving ownership rights of digital assets. Because of their programmability. They are gaining ground in the content creation space, music, real estate, and other industries because of their programmability.
The BAYC Collection contains 10,000 special NFTs generated algorithmically from over 172 possible traits that determine each monkey’s rarity. Laser eyes on 69 monkeys, blue rays on 49 monkeys, solid gold fur on 46 monkeys and a “Bored Unshaven Pizza” mouth, of which only 26 exist, are among the most prized features. The rarer the features of an image of a monkey, the more valuable the NFT. According to data collected as of March 2022, the total value of BAYC trading on the OpenSea marketplace was more than 466,000 ETH (US$1.4 billion).
In addition to their frequent use as profile pictures on social media, the BAYC series stands out for its versatility. Exclusive access to the Yacht Club, a members-only shop 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 that runs on the Ethereum network. The offer is 99.9% lower than the current floor price of the NFT collection. A Mutant Ape #11670 was sold by the same owner to the same buyer for $25† The problem is most likely the result of an error by the original owner, who mistook DAI for ETH. DAI is a stablecoin pegged to the US dollar, where 1 DAI is equal to 1 USD. Meanwhile, the price of a single ETH varies wildly 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 the current floor values. It is also possible that the seller’s account has been hacked. A member of the Bored Ape Yacht Club said he called: cchan and was unaware of the sale, which indicated he had been hacked.
However, this is not the first time a Bored Ape NFT has been sold for less than half its market value. Due to an error in the seller’s listing, Bored Ape #3547 sold for $3,000 instead of $300,000 in December.
A CryptoPunk NFT was sold a month earlier for $19,000 instead of $19 million due to a similar error in the seller’s listing.