Bored Apes are not all about joy and wealth. They can also suffer from losses.

OpenSea Marketplace saw an interesting transaction this Sunday, when Bored Ape #6464NFT sold for $200 or 200 USDC. The same NFT was soon sold again on OpenSea marketplace for 200 USDC or $200. However, the price tag of 200 Ethereum ($407.8K) was much more.

Ape #6462 was purchased for 200.0 USDC https://t.co/u3lQymdO1B

— boredapebot (@boredapebot) May 15, 2022

Bored Apes Yacht Club is one of the most prestigious and expensive NFT collections. The average floor price for each NFT was 101ETH (205K).

Bored Ape #6462 is the 209 most rare NFT in the entire 10.000 BAYC collection. You will find a mixture of rare BAYC characteristics such as pizza, police helmets, and bone necklace.

The same NFT was sold last May for 2.4ETH (7.8K), just days after its minting.

The crypto community was therefore surprised by the extremely low price paid for an Ape with such rare backgrounds. Some people made a grave mistake by accepting USDC rather than ETH from the seller. Another part of crypto-community suspected, however that the trade with low value was intentional and not an accident. It was done to avoid taxes.

Tax evasion 101. The accounts are empty and no offers have been accepted. Listings take less than 3 minutes.

— Jonathan (@Jon_Metavest) May 15, 2022

Bored Ape NFTs can only be created on the Blockchain, which is an immutable public network that allows for all transaction history to be viewed.

It can be observed that Bored Ape #6462 has been sold twice before, once for 2.14ETH and another time for 2.4ETH, according to Opensea records. Both transactions took place in May 2021. Bored Ape NFT moved between NFT wallets in May 2021, without any money.

But, on Sunday May 15, the final transfer from wallet into wallet was made. It was sold at a scandalous price of 200 USDC just seconds after it received the Bored Ape NFT. Only days before the sale took place, the buyer mysteriously registered on OpenSea. Both the buyer and seller of NFTs were unusual in their activity, raising suspicions about tax evasion.

IRS Wants to Collect NFT Taxes

The NFT market exploded to $44 billion in 2021. The United States Internal Revenue Service (IRS), which stated that NFTs could be used to evade taxes, ruled that all NFT collectors must report any NFT transactions for tax purposes.

Tax experts agreed that the profit from every NFT purchased on the open marketplace should be treated as normal income. They will then be taxed at the ordinary income rate which fluctuates between 10% to 37%. For both digital and fiat currencies, the same tax rate is applied.

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