According to the current market condition, that sale of a gold Bored Ape is considered an outlier. Nevertheless, it is not a record sale on the market. The nonfungible token (NFT) market activities have plunged considerably in the past several months. But, some investors keep adding assets to their collections.
One of these investors is a Bored Ape Yacht Club (BAYC) enthusiast by the name Vis.eth. Based on a recent report, he bought a Bored Ape NFT #5383 for 777 ETH ($1.5 million). The transaction was executed on August 16.
The seller, identified as “q” is believed to be a famous NFT trader who acquired the Bored Ape for 95 ETH ($242,000) last August and has allegedly made at least 500% from the sale. In the last few months, Vis.eth has spent millions of dollars on NFTs in different markets.
Notably, the NFT whale acquired CryptoPunk #416 for 250 ETH which was valued at about $750k then, bought Bored Ape #2014, Ape #8686, and #1131. Moreover, he has spent $9 million on Otherdeeds from Otherside as highlighted in another report. It is crucial to note that Vis.eth’s membership cut across Azuki, CloneX, Mfers, and Mutant Ape Yacht Club (MAYC) collections, among others.
While speaking to reporters, the NFT whale revealed that the 777 ETH buying amount is a suitable price. Vis.eth stated:
“I wanted to collect a golden monkey. 777eth is a suitable price. Yuga will be the first successful social verse.”
According to the current market condition, the sale is considered an outlier. Nonetheless, it is not a record sale on the NFT market. It can be remembered that Sotheby sold off Ape #8817 for $3.4 million in October 2021.
Additionally, Ape #8585 was sold for an impressive $2.7 million the same year. These are mostly not the average price of BAYC collections since they normally sell for far fewer amounts.
In recent weeks, Chainalysis data indicated that NFTs peaked in January 2022. According to official reports from CryptoSlam, the average sale price for BAYC NFTs in the last two weeks is $112K. Moreover, it has a price floor of 78.5 ETH ($144,125.22).
Pedro Herrera, DappRadar’s head of research, revealed that the most affordable sale of BAYC NFTs has only dropped by 1% to $90,000 in the past month.
The market struggle has now been connected to the growing pressure on cryptos amid the surging inflation compelling the likes of Ethereum and Bitcoin to plunge by over 60% from their all-time highs, based on market data.
It is, nonetheless, expected that the market would bounce back in the coming weeks.
