The huge hype surrounding the boring monkey yacht club faded away. However, the prestigious NFT market is not dead, as recent sales have shown.
In the context of the cryptocurrency crash this year, the hype surrounding non-fungible tokens (NFT) has dissipated. Prices have fallen sharply, and volumes have fallen sharply on most projects. However, some of the “premium” Ethereum NFT companies still fetch significant prices.
On Wednesday, “Bored Monkey” sold for nearly $1 million. that Monkey Yacht Club promos NFT #232 It was traded on the secondary market on the Opensea platform for 800 Ethereum. That was about $927,000. What distinguishes this bored monkey is that it has a golden coat. Less than 0.5 percent of bored-looking monkeys have golden fur. Meanwhile, 1268 also found a new owner on Thursday for 780 Ethereum.
Worth a fraction more
However, several NFTs previously Bored Ape have lost significant value in recent months, including the singer’s song. Justin Beiber Earlier this year for $1.3 million worth of Ethereum. His bored monkey is currently worth around $69,000.
Not surprisingly, prestigious NFTs like CryptoPunks and Bored Ape Yacht Club continue to dominate trading. But the extent to which these two groups make up a significant portion of the top 50 most expensive sales suggests that the market is shifting, according to DappRadar, a type of app store for decentralized applications (DApps). The company doesn’t just lift The most expensive NFT sales But also the most interesting of the last seven days.
It’s still expensive, but it’s coming down significantly
Of the 50 most expensive NFT sales over the past week, 42 were either Boring Monkey or CryptoPunk. This means that 94 percent of the highest sales came from just two collections. According to DappRadar, this shows that many owners are selling premium NFTs. Monkeys and bad guys have been staying relatively high since FTX crashed. But it appears, according to DappRadar, that NFT holders are looking to free up their cryptocurrency, Ethereum, by selling this still very expensive asset.
A look at the average values shows how far prices have gone back. The average selling price for Bored Apes last week was $68,430, which is well below the average all-time high of $312,101 in April 2022. For CryptoPunks, the average selling price was $88,300 . At its peak, CryptoPunks reserve price was $429,564.
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