NFTs are dead? Even at the Bear Market, a boring monkey sells for almost 1 million dollars

Spurred on by FTX collapses and resulting infection spreads to other companies, the icy the crypto bear market only gets colder—and that NFT the market has lost significant steam since earlier this year. Still, some “blue chip” Ethereum NFTs still have significant prices, as evidenced by today’s sale of one Boring monkey for just $1 million.

Bored Ape Yacht Club NFT #232 sold this morning for 800 ETH on the secondary market, or about $927,000. They tokenized profile picture (PFP) was sold by Deepak Thapliydal, CdEO of Web3 cloud software startup Chain, and bought by notable pseudonymous collector Keung.

“Thanks [Thapliyal] for the good deal” Keung tweeted Today.

Many Bored Ape NFTs have lost significant value in recent months, including one bought by singer Justin Bieber earlier this year for $1.3 million in ETH, it’s just worth about $69,000 today. But this golden-furred monkey is considered one of the rarer avatars, ranked 324th out of 10,000 NFTs per data from Rarity tool. Less than 0.5% of monkeys have golden fur.

Thapliyal is a noted NFT collector who setting the record for a CryptoPunks purchase earlier this year, paying 8,000 ETH – or $23.7 million worth at the time – for a single NFT. He recently tweeted that he would sell his rare NFTs after Chain was affected by FTX’s fall, although he said he would keep the record. Punk. Those tweets have since been deleted.

The last Bored Ape sale to top $1 million was sold on October 1st, then Boring monkey #8585 sold for 777 ETH, or $1.02 million. ETH was worth about 13% more then.

An NFT is a blockchain token used to represent ownership of a unique item, including digital goods such as PFPs, artwork, collectibles, and video game items. The NFT market swelled to $25 billion in trade volume in 2021 and continued that pace into early 2022, but momentum cooled significantly since the crypto market plunged in May.

The NFT market is not dead, but it is significantly weakened. Data from DappRadar and Dune suggest around 700 million dollars NFT sales on the secondary market in October, compared to $5.36 billion back in January.

Bored Ape Yacht Club, created by Yuga Labs, is one of the most famous NFT projects. The original pool launched in April 2021 and has generated over $2.5 billion in trading volume to date. It has spawned successful spin-offs such as Mutant Ape Yacht Club and The other sideand attracted one number of celebrities and brand owners in the process.

Bored Ape prices have also fallen sharply. The floor price – or cheapest available NFT listed on a marketplace – hit a top of around $429,000 (152 ETH) at the end of April. Reach the floor sitting at 60 ETH, worth just $69,000 Today. But as today’s sale shows, the more desirable Monkeys can still command sensational prices even if the market weakens.