Sunday, September 25, 2022
HomeNFTBored Ape and Mutant Ape NFTs fetch this stunted amount

Bored Ape and Mutant Ape NFTs fetch this stunted amount

You must have imagined some figure in thousands of dollars after reading the news title. Let me surprise you here. Since DAI is a stablecoin tethered to the dollar, the holder of Bored Ape #835 just sold it for 115 DAI, or $115. Yes, not a joke, just $115. The sale has sparked debate on social media as to why someone would sell for such a low sum. Some speculate that the seller accepted the offer by mistake, mistaking DAI for ETH. However, given that the sale took place on OpenSea, which also shows the USD worth of cryptocurrencies, the chances of this happening are slim.

It’s also possible that this was a security flaw. Those who hold this belief point to the seller’s involvement in another dubious action. At the same time, the seller, cchan.eth, sold a mutant ape NFT for 25 DAI. The lowest price for a listed Bored Ape NFT was 106.8 ETH, which is over $350k, while the lowest price for a Mutant Ape was 22.8 ETH, which is over $76k, at the time of sale. Given the large difference between the actual value and the price paid for the pair of NFTs, there’s a good likelihood it was due to an exploit.
On OpenSea, exploits like this are widespread. Many sellers on the marketplace recently lost a significant amount of money after an exploit was discovered that allowed them to buy NFTs for prices that were previously advertised lower than the current price. Another flaw in the software resulted in the sale of NFTs from users’ wallets without their permission. A phishing attack was accused by the platform. Some believe that this was a deliberate attempt at tax avoidance rather than a miscalculation or exploit. According to Twitter user artchick.eth, it “feels more like a tax evasion attempt.”
If this is the case, the individual who sold the NFT for less than the purchase price may be able to use it to offset other capital gains.

Would you like to buy NFTs at such low prices? Comment below.

Read more: BAYC airdrop exploited for stealing USD 1.5 million in ApeCoin tokens

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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