FANG assets and the crypto market have been going through a downturn, except for some news from BAYC. While the NFT market has lost much of its previous lustre compared to last year, some can still break through the pessimism with impressive price tags.
More specifically, this refers to the sale of Bored Ape Yacht Club’s (BAYC) NFT number 232 – which sold for 800 ETH ($930,000) on the secondary market.
Spurred by FTX’s collapse and the resulting contagion spreading to other companies, the icy crypto bear market is only getting colder—and the NFT market has lost considerable steam since earlier this year. Even so, some “blue chip” Ethereum NFTs still command sizable prices, as evidenced by today’s sale of a Bored Ape for just shy of $1 million.
This news stands quite detached from more famous examples of devaluation, namely Justin Bieber’s NFT – which plummeted in value from $1.3 million to just $69,000. That said, 232 had the upper hand, being a golden-haired NFT, a small percentage of the overall NFT ‘population’.
The sale itself is a pleasant surprise coming from a currently contracting market, but it is far from a dying one. What the broader community is seeing at the moment is a contraction that doesn’t bring solace to some who are seeing their asset values wiped out, however.