Bored Ape NFT sells for almost a million, the first in months
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.
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.”
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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.
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 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.
NFTs are dead? Even in bear market, a Bored Ape sells for nearly $1 million