Whoops, $350,000 Bored Ape NFT sold at a 99.9% loss

Bored Ape NFTs are among the most recognizable NFT brands globally, and with that, Bored Apes command more than $250,000 for entry-level NFTs.

Bored Ape Yacht Club

BAYC needs no introduction, it is a household name, and people who have no interest in NFTs or Web3 can identify the BAYC brand. As a “poster child” for the NFT space, BAYC NFTs are sometimes many peoples’ first interaction with the NFT space.

More than once, mainstream media have reported how a new celebrity recently spent hundreds of thousands of US dollars on a Bored Ape NFT. With the amount of attention Bored Ape NFTs get, many people outside the Web3 space usually interact with news about Bored Apes. In more ways than one, Bored Apes NFTs are the yardstick that a considerable amount of the general public use to judge or understand NFTs.

Recently, the team behind Bored Ape Yacht Club made some of the most exciting and exciting decisions by any team in the NFT space. Yuga Labs is the company behind BAYC, and they recently acquired Meebits and Crypto Punks NFT projects from Larva Labs.

This means that BAYC is under the same umbrella as some of the most successful NFT projects, and this can only mean more growth and exciting developments for BAYC NFTs and the NFT community in general. Everyone wants to get their hands on a BAYC NFT, and we’ve witnessed people spend mind-boggling amounts to join the collection.

$350,000 BAYC NFT for $115

BAYC NFT #835 was purchased in Summer 2021 for 16 ETH, the equivalent of $50,000, by an OpenSea.io user with the username “cchan.” In a strange twist, BAYC NFT #835 recently sold for a meagre $115 in DAI, and when we consider the transaction, it gets stranger.

The first possible reason for the sale is that the previous owner misunderstood the cryptocurrency used. “cchan” accepted a bid of 115 DAI on March 28, and it may be that the owner mistook DAI for ETH, and if that is the case, the sale makes some sense.

On the other hand, the same OpenSea user “cchan” previously sold Mutant Ape #11670 for $25 (25 DAI) to the same buyer, and at the time of this sale, the floor price for Mutant Apes was 22.6 ETH ($70,000). At this point, it’s not farfetched to consider some foul play in these transactions.

Making sense of these transactions

During the recent sale of BAYC #835, the seller received bids for 75 ETH and 106 ETH but chose to go with a bid that resulted in a 99.9% loss. At the time of writing this piece, the floor price of BAYC is 106 ETH, but considering the traits BAYC #835 has, it could have sold for considerably more than the floor price.

To add more confusion to the mix, the seller had to approve their wallet to accept DAI, and in such a case, the transaction through DAI would have involved a pop-up asking the seller to accept the stable coin.

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