In a strange turn of events, a BAYC token sells for $200 USDC, but there might be more to this sale than meets the eye; here’s more on this bizarre development.
Why do some NFTs keep selling for less than their value?
More than once, we’ve reported on how high-profile NFTs have been sold for considerably less than their value. Fortunately or unfortunately, we have a new case of a highly sought-after NFT token selling for around 99.9% less than its market value.
Whenever we come across NFT sales for less than the market value, three possibilities almost always come to mind.
First and foremost, the possibility that a sale being made for less than market value could be a mistake, and there have been cases of sellers mistaking currencies. A seller with a token worth 100 ETH can mistakenly sell it for 100 USDC, a stable coin pegged to the USD.
Furthermore, there’s also the possibility that the seller is desperate; desperation can lead sellers to sell their assets for less than market value. Most times, desperation can lead to discounts of up to 50%. Financial, emotional, and other reasons can drive a seller to offload assets desperately.
Consequently, it’s impossible not to consider foul play whenever a sale gets finalized for up to 90% less than the market value. People sell NFTs to artificially prop up their value, evade taxes, cheat partners, move assets abroad, and everything in between.
Today, we’ll look into how BAYC #6462 sold for only $200 over the weekend.
The curious case of BAYC #6462
BAYC NFT project needs no introduction, and the project currently has a floor price of 101 ETH or $202,909 at the time of creating this piece. But in reality, BAYC #6462 will not have sold for the floor price; in more ways than one, it’s one of the most sought-after Bored Apes with some rare attributes.
The BAYC NFT in question dons a police helmet, a bone necklace, and has a bored pizza sticking out of its mouth. When the most recent sale of the NFT broke, many were sympathetic towards the seller believing that the seller may have believed that they were closing the trade for 200 ETH instead of 200 USDC.
It wasn’t long before the sympathy began to fade as a quick look into the transaction circumstances paints a grim and worrying picture.
BAYC has an interesting trade history
Publicly accessible data on OpenSea shows that since BAYC #6462 was minted, it has been traded five times. The first red flag for many people is that the buyer’s account is relatively new, and it was only created earlier in May 2022.
The second red flag for most people is that the offer of 200 USDC was accepted minutes after it was made, and this is unusual because trades involving high-profile NFTs usually take longer as owners try to get as much as possible out of the trade.
After all, is said and done, the frequent “suspicious” trades of high-profile NFTs do not look good on the projects involved, the NFT marketplaces, and the general Web3 community.