A rare non-fungible token #8585 from the Bored Ape Yacht Club (BAYC) collection was sold for a record-low 153 ETH (~$254,000). The asset has fallen 80% in value over 11 months.
In October 2022, this NFT was bought for 777 ETH — about $1 million at the time of the deal. Even allowing for the market rebound since last autumn, the asset’s fiat value is down about fourfold.
After the sale, BAYC #8585 lost its status as one of the collection’s most expensive tokens. It was considered rare due to its ‘trippy’ fur, crown and other attributes.
According to NFTGo, the sale took place on August 20 on the X2Y2 marketplace.
New owner of the digital asset is an avid NFT collector. His portfolio includes 176 tokens from 15 collections. Among recent purchases are other BAYC and three CryptoPunk.
announced the removal of the tool for mandatory royalty collection from 31 August. The decision was met with criticism from creators who saw it as an encroachment on property rights.
The creator of BAYC, Yuga Labs, also reacted sharply to OpenSea’s statement. The company will begin work on preventing the platform from trading their collections as it gradually abandons royalties.
“Yuga believes in protecting creators’ royalties so that creators receive proper compensation for their work,” stated the CEO of the firm Daniel Alegre.
In June, total royalties paid across NFT collections dropped to a two-year low — nearly 1,000 ETH.
Earlier, pop star Justin Bieber reportedly ” title=””>lost $1.2 million on NFT investments. In January 2022, the singer purchased BAYC #3001 for 500 ETH on OpenSea.