Bored Ape Yacht Club (BAYC) NFT sold for 200 USDC. The floor price for the project is close to 100 ETH. On May 15, Bored Ape #6462 was sold for $200 on NFT marketplace OpenSea. According to OpenSea, the NFT was sold by “16B301” to an account “C94BD2.”
The beauty of the blockchain is everything is transparent. Sometimes, this can also be a point of ridicule. Especially when it involves the sale of a Bored Ape for 200 USDC when the floor price for the project’s non-fungible tokens (NFTs) are 100 ETH (~$200,000).
About Bored Ape#6462
This particular BAYC NFT has a Rarity Score of 152.3, according to NFT attributes aggregator Rarity Tools. The reason for this high rarity ranking is because of the NFTs attributes like a police motorcycle helmet, bone necklace, and pizza hanging from the mouth of the ape. Bored Ape $6462 has a price of 200 ETH, double the floor price of the collection.
Why Did Bored Ape #6462 Sell For $200 ?
Given the rare attributes of the project and the massive discounted sale, this incident drew the suspicion of the NFT community. Why would someone voluntarily list their Bored Ape for 1% the floor price? Turns out, the entire sale may have been for tax evasion purposes.
NFT enthusiasts dived into the transaction history of the respective accounts and found peculiarities. For instance, both the buyer and the seller only created their accounts in the last five months. In fact, the current owner started the C94BD2 just this month.
There is evidence it could have been tax evasion
The two accounts have only four NFTs between them. Of these only one is from an NFT project with a floor price that is above 1 ETH: PO ChinaChic. The rest of the three NFTs held by the accounts have no trading volume between them.
Allegedly, they also coordinated the offer’s timing. A Twitter account @Jon_Metavest pointed out that the owner accepted the offer within three minutes of listing. Either this was a case of good timing, or a case of known timing. The sale comes at a time when tax authorities the world over are figuring out how to tax NFTs.
Even as consensus is unclear as to what the true motive for the sale is, this is not the first time we’ve seen Bored Apes sell way below the floor price. Last year, Bored Ape #3457 sold for a jaw-dropping 1% of the asking price. This beats that by a factor of 10, but could be an insider job.
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