Its no secret that market activity for Non-Fungible Tokens (NFT) has decreased dramatically during the past few months. However some investors continue to build their NFT collections. Vis.eth, a fan of the Bored Ape Yacht Club (BAYC), is one of them.
He bought a Bored Ape NFT #5383 on August 16 for 777 ETH ($1.5 million). The seller, known only as "q," is claimed to be a well-known NFT trader who bought this Bored Ape for 95 ETH ($242K) in August of last year and reaped profits of almost 500%.
Bored Apes remain resilient in "Crypto Winter"
Over the past few months, Vis.eth has invested millions of dollars in NFTs in a variety of markets. The NFT whale bought Bored Ape #2014, Ape #8686, and #1131 for 250 ETH, which was about $750k at the time.
This purchase is one of the most costly Bored Ape Yacht Club NFTs since solid gold fur, one of the rarest of the rare qualities, is only possessed by 46 Apes. According to rarity tools, The Bored Ape #5383, a six-trait gold fur ape with a lumberjack shirt, angry eyes, and bored unshaven lips, is the 320th most uncommon primate in the collection.
The NFT whale said in a press conference that the price of 777 ETH was a reasonable one.
"I desired to acquire a golden monkey. A reasonable price is 777 ethereum. The first effective social verse will be Yuga,"predicted Vis.eth.
This sale is regarded as an aberration given the state of the market at the moment. However, this is not a market record sale. Recall that in October of last year, Sotheby sold off Ape #8817 for $3.4 million.
The same year, Ape #8585 was also sold for $2.7 million. Since they typically sell for much less, these are typically not the average price for BAYC collections.
A recent Chainalysis report shows that NFTs peaked in the early part of 2022. According to CryptoSlam, the average sale price for BAYC NFTs during the preceding seven days was $115k. It also has a price floor of 78.5 ETH ($144,125.22). The lowest sale of BAYC NFTs, according to Pedro Herrera, head of research at DappRadar, has dropped by just 1% to $90K
Recent data reveals the market difficulty has been caused by the growing pressure on digital assets as a result of rising inflation, which has caused crypto assets like Bitcoin and Ethereum to decline by more than 60% from their all-time highs. However, it is anticipated that the market would soon recover.