Bored Ape NFT sells for almost a million, the first in months
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Bored Ape NFT: NFTs were the hottest thing online just over a year ago, but the NFT space and market have grown cold.
The recent FTX collapse and a crypto contagion spreading to other companies have also made the icy crypto bear market grow colder.
However, some “blue chip” Ethereum NFTs still command high prices.
For example, a Bored Ape NFT was recently sold for almost $1 million.
The NFT
Bored Ape Yacht Club NFT #232 sold for 800 ETH on the secondary market.
When converted to dollars, it costs about $927,000.
Deepak Thapliyal, the CEO of Web3 cloud software startup Chain, sold the tokenized profile picture.
Pseudonymous collector Keung purchased the NFT and tweeted, “Thanks [Thapliyal] for the good deal.”
Read also: Yuga Labs’ founders stand with creators for marketplace creator royalties
Bored Ape NFTs
In recent months, Bored Ape NFTs have lost considerable value.
One of the most significant losses includes an NFT Justin Bieber purchased earlier for $1.3 million worth of ETH.
However, it is now valued at around $69,000.
The gold-furred Ape is one of the rarest NFTs in the collection, ranking 324th out of 10,000 NFTs, according to Rarity Tools.
Less than 0.5% of the Bored Ape NFTs have gold fur.
The sale
Thapliyal is a renowned NFT collector who set the record for a CryptoPunks purchase earlier this year.
He paid 8,000 ETH ($23.7 million worth at the time) for a single NFT.
However, Thapliyal recently tweeted that he would sell his rare NFTs following FTX’s downfall, which impacted Chain.
He clarified that he would keep the record-setting Punk.
Since then, Thapliyal’s tweets have been deleted.
Read also: The Bored Ape Community receives its first council to mixed reception
The market
The last time a Bored Ape NFT topped the $1 million mark was October 1.
At the time, Bored Ape #8585 sold for 777 ETH, equal to $1.02 million.
ETH was 13% more valuable then.
In 2021, the NFT market swelled to a trading volume of $25 billion, continuing its momentum in early 2022.
However, along with the crypto market, it declined in May.
Despite the decline, the NFT market isn’t dead.
DappRadar and Dune suggest over $700 million worth of secondary market NFT sales in October compared to $5.36 billion in January.
Bored Ape prices have also dropped.
The cheapest-available NFT from the collection listed on the marketplace hit a peak of $429,000 (152 ETH) in late April.
The floor currently sits at 60 ETH, which is worth $69,000.
However, the recent sale shows that Bored Ape NFTs can still command eye-popping prices even as the market declines.
Reference:
NFTs are dead? Even in bear market, a Bored Ape sells for nearly $1 million
