Image source: South China Morning Post

Bored Ape NFTs: NFTs were the biggest thing online just over a year ago, but the space and market have cooled off.

The recent crash of FTX and a crypto contagion spreading to other companies have also caused the icy cryptocurrency bear market to be colder.

However, some “blue chip” Ethereum NFTs still command high prices.

For example, a Bored Ape NFT recently sold for nearly $1 million, the first in a while.

The NFT

Bored Ape Yacht Club NFT #232 sold for 800 ETH on the secondary market.

Converted to dollars, it costs around $927,000.

Deepak Thapliyal, CEO of cloud software startup Chain, sold the tokenized profile picture (PFP NFT).

Pseudonymous collector Keung bought the NFT and tweeted, “Thanks [Thapliyal] for the good deal.”

Read also: Bored Ape Yacht Club Prices Mirrors Declining Ethereum Value

Bored Ape NFTs

Bored Ape NFTs have lost a lot of value in recent months.

One of the most notable losses is an NFT that Justin Bieber previously bought for $1.3 million worth of ETH.

However, it is valued at around $69,000 today.

The gold fur 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 Bored Ape NFTs have golden fur.

The sale

Thapliyal is a renowned NFT collector who set the record for purchasing CryptoPunks earlier this year.

He paid 8,000 ETH ($23.7 million at the time) for the NFT.

However, Thapliyal recently tweeted that he would sell his rare NFTs after the demise of FTX, which affected Chain.

He made it clear that he would keep the pricey Punk NFT.

Since then, Thapliyal’s tweets have been deleted.

Read also: Yuga Labs integrates the first council in the Bored Ape community

The market

The last time a Bored Ape NFT exceeded $1 million was October 1st.

At the time, Bored Ape #8585 was selling for 777 ETH, which equals $1.02 million.

ETH was 13% more valuable.

In 2021, the NFT market grew to a trading volume of $25 billion, continuing the momentum into early 2022.

However, along with the cryptocurrency market, it fell in May. Despite the decline, the NFT market is not dead.

DappRadar and Dune suggest October secondary market NFT sales will be over $700 million, up from $5.36 billion in January.

Bored Ape prices also dropped.

The cheapest available NFT of the collection listed 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 reach incredible prices even when the market declines.

Reference:

NFTs are dead? Even in bear market, a Bored Ape sells for nearly $1 million