Bored Ape Yacht Club NFT Sells for $1.43 Million as FTX Assets Resurface
A Bored Ape Yacht Club (BAYC) NFT, specifically BAYC #7940, recently sold for a whopping 588 ETH (~$1.43 million) on October 11, marking a significant moment in the NFT space. The distinctive golden-ape NFT, previously part of the collapsed crypto exchange FTX's assets, was purchased by the founder of Floor Protocol, who goes by the alias FreeLunchCapital.
BAYC #7940, known for its golden fur—a rare and highly coveted trait—was originally held by FTX. Following the exchange’s bankruptcy, its digital assets, including high-value NFTs, began resurfacing as part of liquidation efforts.
A Personal Grudge Against FTX:
In a post shared on October 12, FreeLunchCapital revealed that personal motivations played a role in the purchase, indicating a grudge against FTX. He also hinted that additional rare NFTs from the FTX vault could soon re-enter the market.
Community Buzz:
The acquisition was met with excitement in the crypto space. Xeer, another BAYC member, complimented the aesthetics of the newly acquired NFT, adding to the growing chatter around its sale.
Impact on the Crypto Market:
The transaction is seen as a potential sign of renewed interest in NFTs, reminiscent of the market boom in 2021-2022. During that period, NFT trading volumes regularly exceeded $1 billion monthly, peaking at over $3 billion. However, in recent months, trading volumes have dipped to below $100 million, reflecting a cooling market.
FTX’s Ongoing Liquidation:
This sale aligns with FTX’s recent approval to return approximately $16.5 billion to creditors. Liquidations of its assets, including NFTs, are part of the broader effort to repay users over the next 60 days.
This high-profile transaction suggests that despite the broader slowdown in NFT trading, interest in rare and exclusive assets remains. The resurfacing of FTX's high-value digital assets could potentially trigger more activity in the NFT space.
#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR