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NFTs are dead? Even in a bear market, a bored monkey is being sold for nearly $1 million.

NFTs are dead?  Even in a bear market, a bored monkey is being sold for nearly $1 million.

Briefly

  • The Bored Ape NFT Yacht Club was sold today for $927,000 in ETH.
  • It was sold by the network’s CEO, Deepak Tapliyal, who had previously acquired CryptoPunks NFT for a record $23.7 million.

spurred on Crash of FTX and resulting infection distribution to other companies, ice crypto bear market it only gets colder and NFTs the market has lost steam significantly since the beginning of this year. However, some blue chips Ethereum NFTs still have significant prices, as evidenced by today’s sale bored monkey for just $1 million.

Bored Ape NFT Yacht Club #232 sold this morning for 800 ETH on the secondary market, or around $927,000. Tokenized profile picture (PFP) was sold by Deepak Tapliydal, CdEO of the Web3 cloud software startup network, and bought by well-known collector Keung under a pseudonym.

“Thanks [Thapliyal] for a good deal” Keung tweeted Today.

Many Bored Ape NFTs have lost significant value in recent months, including one bought by singer Justin Bieber earlier this year with $1.3 million worth of ETH, which is just today costs about 69,000 dollars. But this golden-furred monkey is considered one of the rarest avatars, ranking 324th out of 10,000 NFTs according to Rarity Tools. Less than 0.5% of monkeys have golden fur.

Thapliyal is a famous NFT collector who set a record for buying CryptoPunks earlier this year by paying 8,000 ETH – or $23.7 million at the time – for a single NFT. He recently tweeted that he would sell his rare NFTs after the FTX drop affected Chain, although he said he would keep the record. Punk. Those tweets have since been deleted.

Bored Ape’s last sale to pass the $1 million mark was sold out on October 1st when Bored Monkey #8585 sold for 777 ETH or $1.02 million. Back then, ETH was about 13% more expensive.

NFT is a blockchain token used to represent ownership of a unique item, including digital goods such as PFPs, artwork, collectibles, and video game elements. The NFT market has grown to Trading volume $25 billion. in 2021 and continued this pace until the beginning of 2022, but the momentum has decreased significantly as the cryptocurrency market fell in May.

The NFT market is not dead, but it is significantly weakened. DappRadar and Dune data suggest about 700 million dollars sales of NFTs in the secondary market in October compared to $5.36 billion in January.

The Bored Ape Yacht Club, created by Yuga Labs, is one of the most famous NFT projects. Launched in April 2021, the original collection has generated over $2.5 billion in trading volume to date. It spawned successful spin-offs such as Mutant Monkey Yacht Club as well as Other sideand attracted many celebrities as well as brand owners in the process.

Prices for Bored Ape also dropped sharply. The floor price — or the cheapest available NFT listed on the marketplace — has reached peak around $429,000 (152 ETH) at the end of April. Now the floor costs 60 ETH, for a total of $69,000. Today. But as today’s sale shows, the more sought-after monkeys can still sell for mind-blowing prices even when the market is down.

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Written by khirou

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