NFT Investor Sells BAYC #8585 at a Loss of 624 ETH After Holding for Nearly a Year
In a surprising turn of events, a prominent NFT investor has sold their prized possession, BAYC #8585, at a significant loss. The investor, operating under the username 26sStoreFront (0x48…14f8) on the OpenSea platform, recently sold their NFT, known as “Trippy Leather and King’s Crown,” to FreeLunchCapital (0x66…6666) for 153 ETH. This sale comes after the investor had initially purchased the NFT for a whopping 777 ETH, equivalent to around 1 million USD at the time of purchase.
The decision to sell at such a loss, approximately 624 ETH or nearly 800 thousand USD, has raised eyebrows within the NFT community. The NFT had been held by 26sStoreFront for precisely 10 months and 17 days before being sold on the previous day.
BAYC #8585 had once held the title of the most expensive NFT within its collection, reaching its zenith in October 2021 when it was sold for a staggering 2.7 million USD.
The news of this sale has left many in the NFT community feeling a sense of regret for 26sStoreFront. Questions have emerged regarding whether the investor will still be liable for the 10% copyright fee imposed by OpenSea. Earlier this year, the platform eased its approach to copyright fees for creators.
👀 26sStoreFront ↘️ fumbled ↘️ BAYC #8585
🛒 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
— Flip McBot (@nftsalesbot) August 20, 2023
However, this incident underscores the current state of the NFT market, which has been facing a pronounced downturn over the past year. Interest in NFTs has waned considerably, leading to a notable decrease in prices. According to data from CoinGecko, renowned NFT collections have witnessed their values erode by 40% to 100% from their peak prices as of July 19th.
As the NFT market continues to navigate these turbulent waters, investors like 26sStoreFront are facing the challenging decision of whether to hold onto their investments or cut their losses. The dynamic nature of the NFT space and its susceptibility to market shifts highlight the risks associated with these digital assets.
This recent sale serves as a stark reminder that even within the realm of digital collectibles, where values have skyrocketed in the past, market volatility can lead to substantial financial losses. The outcome of this sale will undoubtedly spark conversations about the future of NFT investments and the strategies that investors should adopt to safeguard their holdings in this ever-evolving landscape.
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