- NFT #8585 was sold for 153 ETH on the X2Y2 platform.
- The previous owner bought it for 777 ETH just 11 months ago.
- During this time, the asset lost about 80% of its value.
Tokén #8585 from the BAYC collection was sold for 153 ETH (about $255,000) on the X2Y2 platform, according to NFTGo. In October 2022, the value of this NFT was 777 ETH ($1.02 million).
Thus, the former owner lost over $760,000. In less than a year, the price of the asset decreased by 80%.
#8585 belongs to the “Trippy” sub-collection and is one of the most valuable lots. The token’s design features rare elements such as a crown, heart-shaped glasses, and a blue background.
The NFT was sold in autumn 2021, with a value of 696.9 ETH ($2.7 million at the time). It was the third major sale of tokens from the BAYC collection within 30 days.
In October 2022, the token was put up for auction again, this time for 777 ETH. However, due to the drop in the price of Ether, the asset’s value in US dollars decreased to $1.02 million.
The buyer is a collector with a portfolio of over 170 tokens from different collections.
In May 2023, NFT sales in the sector significantly decreased. And in July, the value of BAYC tokens dropped to a two-year low.
This led to significant losses among some investors, including popular pop artist Justin Bieber.