A Bored Ape NFT once worth $350,000 has sold for a meager $115 recently, leading to massive yuks from the anti-NFT legion on social media.

Lol pic.twitter.com/euSV6UigEP

— Guy Freire (@guy_freire) May 11, 2022

While there have indeed been many stories about the NFT market collapsing and formerly expensive NFTs have indeed plummeted in worth, analysts seem to agree that this case seems to be either an incredibly costly mistake or a sign of something potentially uncouth.

Bored Ape #835, which can be viewed for free anywhere, sold for 115 DAI at auction. DAI is a dollar-pegged stablecoin with a 1-1 going rate against the U.S. dollar. It's possible the seller accepted the 115 DAI bid thinking they were accepting a 115 ETH bid, which would have netted them roughly $385,000.

Oh no what happened here.

Someone accepted $115 DAI on their Ape thinking it’s 115 ETH? ($380k USD).

Ouch. pic.twitter.com/kahHU5NNdL

— Matty (@DCLBlogger) March 28, 2022

Decrypt notes that OpenSea, the NFT marketplace where the transaction took place, prominently displays each cryptocurrency's worth in USD. "It would be difficult to miss," they wrote.

This opens the possibility that the seller may be up to some shady business. Curious crypto enthusiasts examined some of the seller's other transactions and discovered they'd also sold a Mutant Ape initially worth 16 ETH for a mere $25 to the same "buyer" who nabbed the Bored Ape for $115. One user theorized they could be attempting to write these transactions off as part of a tax evasion scheme, though mere speculation.

feels more like a tax evasion attempt, they sold their mutant for $25 to the same wallet

they'll probably claim they were scammed and may even have the audacity to try to write it off, they bought the ape for 16eth

if it was a mistake, i wish them well, it's quite a loss pic.twitter.com/lOvpZaaC9Y

— artchick.eth 🔥👠 (@digitalartchick) March 28, 2022

In case you see some gloating about the plummeting of the NFT market around this story, know that it's less an "NFT market collapses" story and more a "NFT market is filled with shady scams" story, of which there are many.