Crypto downturn as BAYC NFT Sells for 777 ETH, or US$1.4 Million

Jamal Molla
Written By Jamal Molla
Jamal is an English teacher and freelance writer with a passion for NFTs, metaverse, crypto and technology.

On Wednesday, Bored Ape Yacht Club (BAYC) sold its #5383 NFT for 777 Ether, which is approximately $1.4 million. The agreement that BAYC NFT Sells for 777 ETH, or US$1.4 Million, came after Thursday’s drop in the floor price of BAYC to 69.69 ETH, or about $130,000. Since March, this is the lowest it has been. The golden-haired ape is only the 320th rarest primate, yet it still costs a pretty penny.

That is why I set out to amass a golden monkey collection. You can reasonably expect to pay 777 eth for it.” When asked about the future of social media, the BAYC news source Bored Ape Gazette predicted that Yuga Labs, the firm that founded BAYC, would be the first to succeed. On his Twitter account, Vis.eth, who on his Twitter account defines himself as an investor, bought the Bored Ape #5383 NFT, adding to his already huge collection of Yuga Labs.

Since its release in April 2021, BAYC has generated almost $2.3 billion in sales, making it the second best-selling NFT collection of all time. However, #5383 BAYC NFT did not generate as much as the #8817 NFT, which sold at a Sotheby’s auction in October 2021 for $3.4 million. As a result, it became the highest-priced item paid for a BAYC NFT.

Monthly NFT trades have decreased since January, despite making more than 1 million unique transactions. However, statistics from July show that it had the lowest, with anticipation that August could get more worse.

With the increasing interest in the NFT sector, the metaverse is recently gaining wide popularity, as the leading Metaverse game is significantly oversold. Roblox is an investment platform integrated into the metaverse to enable people to invest. Regarding the NFT industry and the selling of artworks, only time can tell if the trend will continue or not. However, people are watchful in the crypto industry, which might differ from NFTs.

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