The mega-hype surrounding the Bored Ape Yacht Club has died down. However, the market for the prestigious NFT is not dead, as recent sales show.
Over the course of this year’s crypto crash, the hype surrounding non-fungible tokens (NFT) has dissipated. Prices have fallen sharply, trade volumes have fallen sharply for most projects. Nevertheless, some “blue-chip” Ethereum NFTs are still fetching significant prices.
A “Bored Ape” sold for nearly $1 million on Wednesday. Bored Ape Yacht Club NFT #232 changed hands on the secondary market on the Opensea platform for 800 Ethereum. That was about $927,000. What is special about this bored monkey is that it has a golden coat. Less than 0.5 percent of bored monkeys have golden fur. Number 1268 has now also found a new owner for 780 Ethereum on Thursday.
Worth a fraction more
However, many NFTs from the formerly heavily hyped Bored Ape have lost significant value in recent months, including the singer’s song Justin Bieber earlier this year for $1.3 million worth of Ethereum. His Bored Ape is currently worth around $69,000.
Unsurprisingly, prestigious NFTs like CryptoPunks and Bored Ape Yacht Club continue to dominate the trade. But the extent to which those two collections make up a large portion of the top 50 most expensive sales suggests the market is shifting, according to DappRadar, a kind of app store for decentralized apps (DApps). Each week, the company highlights not only the most expensive NFT sales, but also the most interesting from the past seven days.
Still expensive, but dropped significantly
Of the 50 most expensive NFT sales last week, 42 were a Bored Ape or a CryptoPunk. This means that 94 percent of top sales came from just two collections. According to DappRadar, this shows that many owners are selling their premium NFTs. Ape and punks have remained relatively high since FTX collapsed. But it appears, according to DappRadar, that NFT holders are looking to free up their cryptocurrency, Ethereum, by selling off this still expensive asset.
A look at the average values shows how much the prices have come back. The average selling price for Bored Apes last week was $68,430, well below the all-time high of $312,101 in April 2022. For CryptoPunks, the average selling price was $88,300. At its peak, the CryptoPunks had a minimum price of $429,564.
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