Bored Ape Kennel Club for $500k & Blue Chip NFT Discounts – Top 10 NFT Highlights

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Check out the NFT Sales Highlights ranking between August 14th and 21st

Making a surprise appearance with the second highest value sale in the last week is Bored Ape Kennel Club #8234 for a whopping half a million dollars. Notably, this is the highest value sale of a BAKC NFT since trading began. However, there is some suspicion about the trade, which is explained, and it’s also worth remembering that DappRadar only tracks on-chain data. 

Following the weekly trend, CryptoPunks and BAYC dominate the highest value sales in the last seven days as speculators continue bargain hunting and scoop up discounted blue-chip NFTs. The highest value NFT sale in the previous week was for Bored Ape Yacht Club #5383 for $1.46 million. Interestingly,  BAYC #5383 has many of the same characteristics as the BAYC owned by rap legend Eminem and could be an attempt by somebody to speculate. 

The mysterious case of BAKC#8234

Context is everything regarding reporting using on-chain data, and the case of BAKC#8234 requires some explanation. It’s also important to dive deeper as a sale for a Bored Ape Kennel Club NFT at such a high value means this is the most expensive BAKC NFT sale to date

Bored Ape Kennel Club
Source: DappRadar NFT Explorer

Three days ago, this wallet funded a new wallet with $500,000, then used the money to buy the BAKC and paid $13,000 in USDC fees on OpenSea. Immediately after that, they sold the item for 7.414 ETH from this wallet to this wallet

It would not be entirely out of line to assume that the buyer spent $13,000 on OpenSea fees to stimulate interest in their NFT or the broader collection. Another reason could be tax evasion, as one of the transactions highlighted shows the person buying with a new wallet and then selling at a loss. If that is the case, then this wallet would be the main wallet of the story. However, that wallet is empty

Looking in the wallet of the current holder, we see an extensive collection of high-value NFTs, so it’s also possible the person created a web of accounts that simulate interest in a collection to pump the value and sell other assets in their accounts. Interestingly the sale could be responsible for pulling up the floor and the average sale price of BAKC NFTs by 18.7% and 21.3%, respectively. 

NB: This NFT sale will soon be denoted with an info marker on DappRadar to show that while on-chain data is correct, the transaction should not be counted as a record high-value sale. 

Bored Ape Kennel Club
Source: DappRadar

Handsome Bob

We also see an Axie for the new Origins gameplay called Handsome Bob changing hands for 84.16 WETH, or around $143,000. This sale represents the 59th most expensive NFT sale of an Axie, with Sir Gregory still holding the crown after selling for 369 WETH, or about $819,000 last year. 

Kevin making a comeback? 

One interesting sale was for the ENS domain name kevin.eth for 40 WETH, or around $75,000. The name Kevin is associated with a single character from the failed NFT collection revealed by Pixelmon almost six months ago. Kevin became the ambassador for the fail, with its image doing the rounds on social media for all to enjoy and laugh at after buyers parted with 3 ETH to mint NFTs from the underwhelming collection. 

The cryptoverse is a strange place, and this kevin.eth ENS sale has people wondering whether somebody plans to hijack Kevin and spin another collection out of the fail. Of course, it could just be a person called Kevin who wanted to secure their name on the ENS registry. 

Check out the list of NFT Sales Highlights

  1. Bored Ape Kennel Club #8234 – $500.99k / 499.99 USDC – Buyers wallet 
  2. Otherdeed for Otherside #25415 – $348.31k / 183 WETH – Buyers wallet 
  3. Axie Infinity Handsome Bob – $143.1k / 84.16 WETH – Buyers wallet 
  4. PROOF Collective – $115.71k / 61.9 ETH – Buyers wallet 
  5. Twin Flames #5. Lina & Emma Recupero – $104.41k / 55.5 WETH – Buyers wallet 
  6. Ringers #951 – $83.74k / 44 ETH – Buyers wallet 
  7. Azuki #2239 –  $81.14k / 50 WETH – Buyers wallet 
  8. kevin.eth – $75.09k / 40 WETH – Buyers wallet 
  9. Doodle #6049 – $58.57k / 31 ETH – Buyers wallet 
  10. CloneX #16752 – $56.76k / 30 ETH – Buyers wallet 

Should NFT creators keep lifetime royalties?  

Metaverse landslide 

One class NFT asset suffering in the bear market is Metaverse land. For example, if we backtrack to January 2022, specific plots in the popular metaverse platform, The Sandbox, were changing hands for around $30,000 but have since lost up to 90% of their value. Only one plot made it into the top ten sales this week, and that’s land in the vastly popular Yuga Labs creation, the Otherside. 

When Facebook announced its rebrand to Meta on October 28, 2021, the world sat up and paid attention. Blockchain-based metaverse projects that have already established themselves started to feel the love. Moreover, the world became interested in the opportunities an NFT-infused metaverse could deliver. 

Amidst the hype, speculators dived to scoop up NFT land in leading platforms as expectations grew about the world, eventually living, working, and playing in the metaverse. From one perspective, the idea is solid because If millions of people end up on these platforms, they will need land. Similar to the real world. 

However, the hype has been short-lived, and as people slowly stopped paying attention and speculating on land, the average price of NFT land in the leading platforms has decreased by as much as 95%. Of course, there is the important nuance of the falling value of Ether to consider

The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.

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