A Bored Ape NFT Was Just Sold For $114. Sheesh, this must be painful

An unusually low-priced sale of a Bored Ape NFT for just $114.74 has NFT enthusiasts slobbering, given that the cheapest available BAYC NFT sells for 106.8 ETH, or approximately $363,654.34. According to Etherscan data, a seller is known as ‘cchan.eth’ sold Bored Ape #835 on OpenSea for 115 DAI on Monday. DAI is a stablecoin with a dollar peg, so the entity received only $114.74 while ($5.74) went to OpenSea fees.

Following the strange trades, some theorize that the seller may have mistakenly believed that the NFTs were being sold for the stated amounts in ETH rather than DAI for a variety of reasons.

One possible explanation for this error is that the seller mistook the DAI logo, which represents an orange diamond for Ethereum. This suggestion, however, has been ruled out because OpenSea lists NFTs with their dollar value next to them, making any discrepancies more visible to anyone. Others believe it is the same entity that is transferring the NFTs to himself.

The fact that the two NFTs were sold to the same entity raises the possibility of an exploit. Given that OpenSea was recently the victim of a phishing attack that resulted in the loss of NFTs worth millions of dollars, it is assumed that the seller was also a victim of such an attack. However, ‘artchic.eth,’ a pseudonymous Twitter user and NFT collector, suspects that the sale is a tax evasion attempt or a potential tax-loss harvesting scheme. It is a tax evasion strategy in which evaders claim to have made zero to no profit on a sale.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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A Bored Ape NFT Was Just Sold For $114. Sheesh, this must be painful

An unusually low-priced sale of a Bored Ape NFT for just $114.74 has NFT enthusiasts slobbering, given that the cheapest available BAYC NFT sells for 106.8 ETH, or approximately $363,654.34. According to Etherscan data, a seller is known as ‘cchan.eth’ sold Bored Ape #835 on OpenSea for 115 DAI on Monday. DAI is a stablecoin with a dollar peg, so the entity received only $114.74 while ($5.74) went to OpenSea fees.

Following the strange trades, some theorize that the seller may have mistakenly believed that the NFTs were being sold for the stated amounts in ETH rather than DAI for a variety of reasons.

One possible explanation for this error is that the seller mistook the DAI logo, which represents an orange diamond for Ethereum. This suggestion, however, has been ruled out because OpenSea lists NFTs with their dollar value next to them, making any discrepancies more visible to anyone. Others believe it is the same entity that is transferring the NFTs to himself.

The fact that the two NFTs were sold to the same entity raises the possibility of an exploit. Given that OpenSea was recently the victim of a phishing attack that resulted in the loss of NFTs worth millions of dollars, it is assumed that the seller was also a victim of such an attack. However, ‘artchic.eth,’ a pseudonymous Twitter user and NFT collector, suspects that the sale is a tax evasion attempt or a potential tax-loss harvesting scheme. It is a tax evasion strategy in which evaders claim to have made zero to no profit on a sale.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

KAZ

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