UPD: A Bored Ape Sells for Nearly $1 Million Amid the Bear Market

Recently we wrote about the Bored Ape Yacht Club NFTs price drop. Judging by the low floor price of the BAYC NFTs which sits at around $70,000, as of this writing, things were not looking good. The icy crypto bear market is only getting colder – and the NFT market has lost considerable steam since earlier this year.

However some “blue chip” Ethereum NFTs still command sizeable prices, as evidenced by the recent sale of a Bored Ape for $1 million. Bored Ape Yacht Club NFT #232 was sold for 800 ETH on the secondary market, or about $927,000 by Deepak Thapliydal, CdEO of Web3 cloud software startup Chain, and purchased by notable pseudonymous collector Keung. Thapliyal is a well-known NFT collector who set the record for a CryptoPunks purchase earlier this year, paying 8,000 ETH – or $23.7 million worth at the time – for an NFT.

Many Bored Ape NFTs have lost considerable value in recent months, including one purchased by singer Justin Bieberearlier this year for $1.3 million worth of ETH that’s only valued around $69,000 today. But this gold-furred Ape is considered one of the rarer avatars, ranked 324th out of 10,000 NFTs according to data from Rarity Tools.

Evidently, Bored Ape prices have fallen sharply. But this sale shows, that the rarer Ape NFTs can still command eye-popping prices even when the market is sinking.