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News Report

Pricey Mistake as Bored Ape NFT Sells for Less Than $150

2 mins
Updated by Ryan James

In Brief

  • A rare Bored Ape NFT has been sold for $115 after being purchased for 50,000 a year ago.
  • The sale has been construed as a mistake, with the error coming from misreading ETH and DAI.
  • This is not the first time that the collection has been sold for a fraction of its price.
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Mistakes are a part of life and in the cryptoverse, they sometimes cost thousands of dollars. The owner of a Bored Ape Yacht Club (BAYC) collectible just sold a non-fungible token (NFT) for a fraction of its value, but there are claims that it could be a hack.

At the start of the week, an OpenSea user called “cchan” accepted a bid for BAYC #835 in what appears to be either a hack or a grave mistake. Valued at over $300,000, the rare NFT was sold for $115 or 115 DAI, which is 99% less than its worth. Moreover, OpenSea’s records also show that the owner sold another NFT worth $76,000 for 25 DAI of $25 to the same buyer.

The floor price for BAYC stands at $350,000 and the traits on BAYC #835 are amongst the rarest in the entire collection that could add to its valuation. At the time of the sale, other buyers were willing to buy the NFT for up to 106 ETH on the platform, and it is perplexing why he did not accept their bids.

It is widely believed that the sale was done in error, with the seller mistaking DAI for ETH. DAI is a stablecoin that is pegged to the USD, while 115 ETH is valued at over $360,000 at today’s prices. An analysis of the buyer’s footprint on the platform shows that he has a streak of making bids on BAYC NFTs with DAI in the hopes that someone might inadvertently accept his offer.

Later, the seller of the NFT stated his shock to The Block over the incident and that he “was in the process of figuring it out as well.” According to the seller, he had not initiated any transaction and maintained a high level of security during travel. He added that he would be “hard-pressed to call it a hack” and his sentiment was shared by a BAYC owner that claimed that it was a hack after contact with the seller.

Not the first time in the space

The recent event is not an isolated incident, as the NFT space has been blighted with its own fair share of mistakes and exploits. In November, a CryptoPunk NFT that had a valuation of $850,000 was sold for less than 20,000 because of an error in decimals.

A bug on OpenSea in January led to several BAYC NFTs being sold for a fraction of their prices. OpenSea announced that it would reimburse the owners for the loss of their holdings, but the incident led to a reduction in transaction volumes for the collection.
Despite the negativity, new entrants are coming aboard the BAYC ship with Raoul Pal, CEO of Real Vision announcing that he had purchased a piece in the collection for $400,000. Yuga Labs, makers of the BAYC collectibles, announced raising $450 million in funding to be valued at $4 billion.

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