Bored Ape NFT sells for 153 ETH, just 11 months after buying 777 ETH – Seller loses 80%
A Bored Ape Yacht Club (BAYC) NFT that was the most valuable Trippy Bored Ape ever when it sold for 777 ETH in November 2022 has changed hands for 153 ETH.
Thanks to rare attributes including trippy furs and a golden crown, BAYC #8585 holds the title of the most expensive ‘Trippy’ BAYC ever sold, valued at 777 ETH in October 2022. However, the latest transaction represents a significant loss for the seller.
Trader takes 624 ETH loss on one of the most valuable BAYC NFTs
In Ethereum value, the last sale represents an 80% discount from the previous price of the NFT. Even taking into account the gains in the crypto market since last year, the NFT is still only worth a quarter of its previous dollar value.
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The #8585 ‘Trippy’ bored monkey still has the highest selling price in its fur category – and currently shares fifth place with OpenSea’s most expensive bored monkey.
However, just eleven months after the previous buyer paid more than $1 million for the NFT, it was sold at a 75% loss.
BAYC #8585 (Source: OpenSea)
According to NFTGo, the sale took place on the X2Y2 marketplace on Sunday morning.
A look at the new owner’s wallet reveals that they are an avid NFT collector. Their portfolio includes 176 NFTs from 15 collections. After their last purchase, they now own six BAYC NFTs. The same wallet also contains three CryptoPunks.
Yuga Labs loses as BAYC collectors cut back on royalty fees
While X2Y2 is not the largest NFT marketplace in terms of trading volume, it offers one major benefit to traders: no mandatory royalties.
In fact, the rise of royalty-free marketplaces is being felt throughout the NFT ecosystem. And this week, one of the largest trading platforms, OpenSea, announced that it would be scrapping mandatory maker fees.
In response, Yuga Labs, which created the BAYC collection, said it would withdraw its support for OpenSea.
The company plans to prevent its new collections from being listed on OpenSea. Where possible, it will also upgrade existing NFT contracts to avoid royalty-free listings.
How effective Yuga’s proposed strategy is remains to be seen. And unlike some of his other collections, it’s not possible to switch to the BAYC contract to avoid being listed on marketplaces that don’t enforce maker fees.
Unfortunately for the company, this means that one of its main revenue streams is in danger of drying up.
Top royalty-earning NFT collections (Source: Nansen)
According to Nansen data, secondary BAYC sales have earned Yuga Labs more than $58 million in royalties, more than any other NFT collection it has made. With average royalties of 1.53%, the most valuable BAYC NFTs, such as #8585, have been a cash cow for the company. But those days may be numbered.
