Image source: South China Morning Post
Bored Ape NFTs: NFTs were the most prominent thing online over a year ago, but the space and the market have cooled off since then.
The FTX crash and a crypto contagion spreading to other companies have also caused the icy cryptocurrency bear market to grow colder.
However, some “blue chip” Ethereum NFTs still command high prices.
Recently, a Bored Ape NFT sold for nearly $1 million, the first major sale in a while.
On the secondary market, Bored Ape Yacht Club NFT #232 sold for 800 ETH.
It costs about $927,000 when converted to dollars.
CEO of cloud software startup Chain, Deepak Thapliyal, sold the tokenized profile picture (PFP NFT).
Meanwhile, pseudonymous collector Keung bought the NFT and tweeted, “Thanks [Thapliyal] for the good deal.”
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Bored Ape NFTs
Bored Ape NFTs values have fallen sharply over the past few months.
One of the most notable losses is an NFT that Justin Bieber previously bought for $1.3 million worth of ETH.
Today, it is valued at around $69,000.
The golden-furred Ape NFT is one of the rarest NFTs in the collection.
It ranks 324th out of 10,000 NFTs, according to Rarity Tools.
Additionally, less than 0.5% of Bored Ape NFTs have golden fur.
Thapliyal is the renowned NFT collector who set the record for buying CryptoPunk earlier this year.
He paid 8,000 ETH ($23.7 million at the time) for the NFT.
However, Thapliyal recently tweeted that he was going to sell some of his rare NFTs after the demise of FTX, which affected Chain.
He clarified that he would keep the expensive Punk NFT.
Since then, Thapliyal deleted his tweets.
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October 1 marked the last time a Bored Ape NFT was worth more than $1 million.
At the time, Bored Ape #8585 was selling for 777 ETH, which is equivalent to $1.02 million.
ETH was 13% more valuable then.
In 2021, the NFT market grew to a trading volume of $25 billion and carried the momentum into early 2022.
However, along with the cryptocurrency market, it took a profound drop in May.
Despite the decline, the NFT market is not dead.
DappRadar and Dune suggest that secondary market sales of NFTs will exceed $700 million in October, which is up from $5.36 billion in January.
Bored Ape prices are also down.
The cheapest available NFT of the collection on the market peaked at $429,000 (152 ETH) at the end of April.
The floor is currently at 60 ETH, which is worth $69,000.
However, the recent sell-off shows that Bored Ape NFTs can still fetch incredible prices even when the market is down.
NFTs are dead? Even in bear market, a Bored Ape sells for nearly $1 million