Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Based on the current market condition, this sale is considered an outlier. However, this is not a record sale on the market.
The Non-Fungible Token (NFT) market activities have dropped significantly over the last few months. However, some investors keep adding to their collections. One of them is a Bored Ape Yacht Club (BAYC) enthusiast identified as Vis.eth. According to a recent report, he purchased a Bored Ape NFT #5383 for 777 ETH ($1.5 million) on August 16. The seller, identified as “q” is said to be a popular NFT trader who purchased this Bored Ape for 95 ETH ($242,000) last August and has reportedly made over 500% from the sale.
Vis.eth has over the past few months spent millions of dollars on NFTs across various markets. The NFT whale purchased CryptoPunk #416 for 250 ETH, which was around $750k then, purchase Bored Ape #2014, Ape #8686, and #1131. He has also spent $9 million on Otherdeeds from Otherside according to a report. It is also important to note that Vis.eth’s membership cut across Mfers, CloneX, Azuki, and Mutant Ape Yacht Club (MAYC) collections, etc.
Speaking to reporters, the NFT whale disclosed that the 777 ETH purchasing amount is a suitable price.
“I wanted to collect a golden monkey. 777eth is a suitable price. Yuga will be the first successful social verse,” said vis.eth.
Based on the current market condition, this sale is considered an outlier. However, this is not a record sale on the market. It can be recalled that Sotheby sold off Ape #8817 for $3.4 million in October last year. Also, Ape #8585 was sold for $2.7 million the same year. These are mainly not the average price of BAYC collections as they usually sell for far less.
Recently, Chainalysis data established that NFTs peaked in January 2022. According to CryptoSlam, the average sale price for BAYC NFTs in the last seven days is $115k. Also, it has a price floor of 78.5 ETH ($144,125.22). DappRadar’s head of research, Pedro Herrera disclosed that the cheapest sale of BAYC NFTs has only fallen by 1% to $90,000 over the last month.
The market struggle has been linked to the increasing pressure on cryptos amid the rising inflation forcing the likes of Bitcoin and Ethereum to fall by more than 60% from their all-time highs, according to data. It is, however, expected that the market would bounce back anytime soon.