Investor Sells BAYC NFT at a Loss of 624 ETH After Nearly a Year
An investor has sold a BAYC NFT at a substantial loss after holding it for nearly a year.
Investor Sells BAYC NFT at a Loss of 624 ETH
On August 20, the investor under the account 26sStoreFront (0x48…14f8) on OpenSea sold BAYC #8585, a "Trippy Leather and King's Crown" NFT, to FreeLunchCapital (0x66…6666) for 153 ETH.
26sStoreFront originally purchased the NFT for 777 ETH (approximately $1 million at the time of purchase) and held it for 10 months and 17 days before selling. This decision resulted in a loss of about $800,000, equating to a 75% reduction in value.
👀 26sStoreFront ↘️ fumbled ↘️ BAYC #8585
— Flip McBot (@nftsalesbot) August 20, 2023
🛒 paid $1,032,633 💼 held for 10 months 17 days
💰 lost -$777,123 (-75%) 🪙 lost -624 ETH
🧠 With a trade that could cover a private jet, this trade was like soaring through the crypto world in a luxury aircraft! pic.twitter.com/SyNqNT86v7
Image Credit: Flip McBot (@nftsalesbot)
BAYC #8585 was once the most expensive NFT in the collection. During its peak in October 2021, it was sold for up to $2.7 million.
Many in the community expressed sympathy for 26sStoreFront. There were also questions about whether the sale would incur an additional 10% royalty fee from OpenSea, as the platform has loosened its royalty policies for creators this year.
The NFT market has experienced a significant downturn over the past year, with interest in NFTs waning. According to CoinGecko, the value of popular NFT collections has plummeted by 40-100% from their peak prices as of July 19.
