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Are NFTs dead? Even in a bear market, a bored monkey sells for nearly $1 million – Decrypt

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  • A bored app Yacht Club NFT sold for $927,000 worth of ETH today.
  • It was sold by Chan’s CEO Deepak Thapliyal, who previously bought a cryptographic NFT for a record $23.7 million.

The collapse of FTX and the resulting spread of the contagion to other companies only makes the icy crypto bear market get colder – and the NFT market has lost a lot of momentum since the start of this year. Nevertheless, some “blue chip” Ethereum NFTs still have huge prices, as evidenced by today’s Bore Apk sale, just under $1 million.

Bored Ape Yacht Club NFT #232 sold on the secondary market this morning for 800 ETH, or approximately $927,000. The tokenized profile picture (PFP) was sold by Deepak Thapliyadal, CDEO of Web3 cloud software startup Chain, and purchased by notable pseudonymous collector Keung.

“Thank you [Thapliyal] for a good deal, Kyung tweeted Today.

Several Bored Ape NFTs have lost significant value in recent months, including one bought by singer Justin Bieber earlier this year for $1.3 million ETH, which is worth just $69,000 today. But this gold-tipped ape is considered one of the rarest incarnations, ranking 324 out of 10,000 NFTs according to data from Rarity Tools. Less than 0.5% of monkeys have golden fur.

Thapliyal is a well-known NFT collector who set a record for cryptocurrency purchases earlier this year, 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 chain was hit by the collapse of FTX, though he said he would keep the record-breaking punk. Those tweets have since been deleted.

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Bored App’s last sale for more than $1 million was on October 1, when Bored App #8585 sold for 777 ETH, or $1.02 million. ETH was then worth about 13% more.

An NFT is a blockchain token used to represent ownership of a unique item, including digital goods such as PFPs, artwork, collectibles, and video game items. The NFT market reached a trading volume of $25 billion in 2021 and continued that momentum into early 2022, but momentum slowed significantly after the crypto market crash in May.

The NFT market is not dead, but it is significantly weakened. Data from DappRadar and Dune shows that nearly $700 million worth of NFTs were sold in the secondary market in October, compared to $5.36 billion in January.

One of the most famous NFT projects is the bored app Yacht Club, created by Yuga Labs. Launched in April 2021, the Basic Collection has over $2.5 billion in trading volume to date. It has spawned successful spin-offs such as Mutant Ape Yacht Club and The Otherside, attracting a slew of celebrities and brand owners in the process.

The prices of bored apps have also fallen sharply. The floor price – or the cheapest available NFT listed in the market – peaked at around $429,000 (152 ETH) in late April. The floor is now at 60 ETH, which is only worth $69,000 today. But as today’s sales show, despite the sluggish market, the more desirable Monkeys can still be snatched up at eye-catching prices.

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