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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/21/2023

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 res

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.

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.