In a turbulent week for NFTs and Crypto, one Bored Ape Yacht Club NFT holder has sold their artwork for a staggering 555 ETH loss. After purchasing an Ape NFT for 696.969 ETH less than seven months ago, OpenSea user 86292F sold their NFT for 142 ETH to punksOTC2.
This is a breathtaking loss of over half a thousand ETH. Although ETH has suffered significant losses alongside all other cryptocurrencies in recent days, 142 ETH is currently $282,287.8677. For the vast majority of people, this is a life-changing amount of money.
The Bored Ape NFT in question is incredibly rare. With five traits overall, #8585 has Trippy Fur, a King’s Crown and more. Actually, it is number 441 in terms of rarity.
Compared to when the NFT was brought seven months ago, it is nowhere near the original purchase value. ETH was worth more than double the price in November 2021.
In fact, it reached a peak of $4,800. So this means that the original purchase of the NFT by 86292F was $3,345,451. The seller has lost around $3 million in this sale.
Is the Bored Ape NFT loss legitimate?
However, some people are questioning the legitimacy of the sale. One Twitter user, @_itissoroush_, said, “This wallet has been selling their NFTs with a huge loss for months. He has sold Fidenza, Damien Hirst, Otherside, Ape and Punk from 100 ETH to 500 ETH loss on every single one. I feel it was planned for some reason.”
Because of the amount of NFTs sold at a loss, people are asking whether this latest Bored Ape NFT sale is some attempt at a tax write-off off by the owner.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.