In what appears to be a golden opportunity for an NFT buyer, a Bored Ape Yacht Club (BAYC) NFT was sold for 115 DAI ($115).
On Monday, the former owner “cchan” accepted a 115 DAI bid for BAYC #835, according to OpenSea statistics. The price at which the NFT was sold is 99.9% cheaper than the present floor price of the collection.
Mutant Ape #11670 was also sold to the same purchaser for 25 DAI ($25). The starting price for mutant apes is 22.6 ETH ($76,000).
While it’s vague why the owner would accept such low bids, it looks like cchan mistook DAI for ETH, causing the problem.
A pricey NFT error
Other collectors made three high-value offers for the Bored Ape, with values ranging from 75 to 106 ETH, but all were rejected. BAYC currently has a floor price of 106 ETH ($350,000) as of this writing.
The NFT in question, on the other hand, is wearing sunglasses and smoking a cigarette, two qualities that suggest it would sell for more than the current floor price.
Apart from being sold at a massive discount to the floor price, the transaction represents an enormous loss for cchan, given the BAYC NFT was acquired for 16 ETH in August of last year.
After the purchase, the new buyer claimed the Ape tokens from the ApeCoin airdrop. The buyer received 12,136 Ape tokens worth $180,000.
The owner disclosed that he was “in the process of working things out as well” when contacted following the publication of this item. He maintains a high level of protection on his accounts, especially while traveling, and would be “hard pushed to label it a hack,” he added.
The owner went on to say that they were on vacation and hadn’t done any business yet.
The previous owner had to approve their wallet to connect with DAI, which is a strange scenario component.
This means they’ll have received a transaction seeking authorization, suggesting that the payment wasn’t made using ETH. Bored Ape and the Mutant Ape collectively were sold by him in a minute, indicating that the seller approved both offers simultaneously.
It’s still unclear if this was a deliberate move or a hack.