A $350,000 Bored Ape NFT Was Sold For Only $115

A Bored Ape Yacht Club (BAYC) NFT has just been sold for 115 DAI ($115) in what appears to be either a costly mistake or a hack.

Data from OpenSea shows the previous owner with the moniker “cchan” accepting a 115 DAI bid on Monday for BAYC #835. That’s 99.9% lower than the current floor price — the lowest price one is available to buy — of the popular NFT collection.

The same owner also sold Mutant Ape #11670 for 25 DAI ($25) to the same buyer. The floor price for mutant apes is 22.6 ETH ($76,000).

While it is not immediately clear why the owner would accept such low offers, the situation seems to be a mistake with cchan confusing DAI for ETH. There were three other high-value bids for the Bored Ape between 75 ETH and 106 ETH placed by other collectors that were not accepted.

The floor price for BAYC sits at 106 ETH ($350,000) as of the time of writing. But the NFT in question sports sunglasses and a cigarette, several traits that mean it would typically sell higher than the current floor price. (It’s hard to specify exactly how much it specific NFT should be valued — a wider problem that has been perplexing NFT traders when it comes to using them for loans).

Apart from being sold much lower than the floor price, the sale also represents a major loss for cchan, seeing as the BAYC NFT was initially acquired for 16 ETH in August last year.

Source: The Block