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NFTs Are Extinct? Even A Bored Ape Sells For $1M In A Bear Market

Even while broader Bored Ape Yacht Club prices are falling, the golden-fur Ethereum NFT sold for 800 ETH, or roughly $927,000.

Briefly stated,

Is Record-Breaking Crypto Punks NFT sold?

A Bored Ape Yacht Club NFT sold today for $927,000 in ETH.
Deepak Thapliyal, CEO of Chain, who had previously paid a record-breaking $23.7 million for a CryptoPunks NFT, sold it.

The freezing crypto bear market is only getting colder due to FTX’s failure and the subsequent contagion spreading to other businesses. Since early this year, the NFT market has also lost a lot of momentum. Nevertheless, some “blue chip” Ethereum NFTs continue to fetch high prices, as shown by the sale of a Bored Ape today for under $1 million.

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This morning, Bored Ape Yacht Club NFT #232 traded on the secondary market for 800 ETH, or around $927,000. Deepak Thapliydal, CdEO of Web3 cloud software startup Chain, offered the tokenized profile photo (PFP), which prominent pseudonym collector Keung bought.

Keung tweeted today, “Thanks for the fantastic bargain.”

Many Bored Ape NFTs have seen significant price declines in recent months, including one Justin Bieber bought earlier this year for $1.3 million in ETH that is now only worth about $69,000. However, according to data from Rarity Tools, this gold-furred ape ranked 324th out of 10,000 NFTs, is one of the rarer avatars. Few apes—less than 5%—have golden

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Thapliyal is a well-known NFT collector who, earlier this year, broke the record for a CryptoPunks purchase by paying 8,000 ETH, which was worth $23.7 million, for a single NFT. After Chain was impacted by FTX’s demise, he recently announced that he would sell his rare NFTs and keep the record-breaking Punk. These tweets were later removed.

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On October 1, Bored Ape #8585, which sold for 777 ETH, or $1.02 million, became the last sale on the site to reach that milestone. At that time, ETH was worth around 13% more.

A blockchain token called an NFT is used to signify ownership of a particular item, such as digital products like PFPs, artwork, collectibles, and video game assets. The NFT market’s trading volume increased to $25 billion in 2021 and remained at that level through the beginning of 2022; growth has drastically slowed since the crypto market fell in May.

The NFT market is greatly diminished, but it is not entirely dead. According to data from DappRadar and Dune, secondary market NFT sales in October were estimated to be worth $700 million, down from $5.36 billion in January.

One of the most notable NFT projects is the B, developed by Yuga Labs. The initial collection, which debuted in April 2021, has generatedored Ape Yacht Club a trading volume of more than $2.5 billion to date. It has attracted a wide range of celebrity and brand owners in the process and given rise to lucrative spin-offs like the Mutant Ape Yacht Club and Another side.

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Prices for Bored Ape have also significantly decreased. The floor price, or the cheapest NFT published on a marketplace, peaked in late April at roughly $429,000 (152 ETH). Currently, the floor is 60 ETH, which is only about $69,000. However, as evidenced by today’s auction, the more in-demand Apes can still fetch exorbitant amounts even while the market stagnates.

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