A Bored Ape Yacht Club NFT that was worth over $390 thousand has been sold below floor price at just $115.
Following NFT influencer Mateen Soudagar’s screenshot of the transaction, Twitter ran abuzz, theorizing what had happened.
Oh no what happened here.
Someone accepted $115 DAI on their Ape thinking it’s 115 ETH? ($380k USD).
— Matty (@DCLBlogger) March 28, 2022
According to records from NFT marketplace OpenSea, a user who goes by cchan.eth got the losing end of the deal.
cchan.eth seemingly intended to list Bored Ape #835 for 115 ETH, which would have been worth $391,000 at press time. However, they chose to list the NFT under DAI instead. DAI is a one-to-one stable coin with the U.S. dollar.
Interestingly, records show that a Mutant Ape NFT worth $76,000 owned by cchan.eth was previously sold for just 25 DAI or $25.
This made the community “feel bad” for the collector, and fears of them being hacked were being brought up. The collector has lost about $470,000 worth of profit, while the NFT they used to own are being bid on at much higher prices.
On the other hand, some members of the community also raised their doubts about what really went down during the transaction.
Twitter user artchick.eth theorized that the move might have been an attempt to evade paying tax. She did, however, clarify that if the transaction was a mistake, she joins the other half of the community who sympathize with cchan.eth.
feels more like a tax evasion attempt, they sold their mutant for $25 to the same wallet
they’ll probably claim they were scammed and may even have the audacity to try to write it off, they bought the ape for 16eth
if it was a mistake, i wish them well, it’s quite a loss pic.twitter.com/lOvpZaaC9Y
— artchick.eth 🔥👠 (@digitalartchick) March 28, 2022
User chrisjkeith chimed in by suggesting OpenSea introduce a prompt message whenever collectors sell below the floor price.
“If you think a different icon (DAI vs ETH) is going to prevent people from losing hundreds of thousands of dollars, you’re crazy. The simple fix: when a seller goes to accept an offer 99.999% below the floor, maybe pop a dialog saying “hey, are you sure?”. FIX THIS,” chrisjkeith tweeted.