Wednesday, May 29, 2024

NFT Market Losing Steam But BAYC Remains Popular.

The so-called blue chip Ethereum NFTs still reigns, even as the non-fungible token has lost considerable steam since earlier this year.

Bored Ape Yacht Club (BAYC) #232 sold for about 800 ETH ($927,000) on the secondary market. Deepak Thapliydal, the CEO of Web3 cloud software startup Chain, is now the holder of this token. He purchased it from a pseudonymous collector Keung. Thapliyal has a record under his belt for a CryptoPunk purchase he made earlier this year. He paid 8,000 ETH ($23.7 million) for a single token. Moreover, the NFT enthusiast wants to sell his rare NFTs as his company has been impacted by FTX’s collapse.

With the downturn in the larger crypto market, the NFT market also had its fair share of “slump”. It weakened but didn’t lose its light. DappRadar and Dune’s data indicates there was about $700 million worth of secondary market NFT sales in October, compared to January’s $5.36 billion.

When FTX’s collapse hit the market, BAYC recorded sinking prices as NFT owners looked to panic-sell their valuable digital collectibles. There was a significant increase in trades on OpenSea using Wrapped Ethereum (WETH) and not the standard ETH.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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