Rare Bored Ape NFT Sells For Over $1M Amid Crypto Bear Market

As the crypto market continues to plunge following the collapse of Sam Bankman-Fried's FTX (CRYPTO: FTT), the NFT market has also seen a significant drop in activity. However, some Bored Ape NFTs are still fetching high prices.

What Happened: On Wednesday, a Bored Ape was sold for over $1 million. The Bored Ape Yacht Club's NFT #232 was sold for 800 Ethereum (CRYPTO: ETH) on the secondary market. That's about $927,000.

The tokenized profile picture (PFP) was sold by Deepak Thapliyal, CEO of Web3 cloud software startup Chain. It was purchased by well-known pseudonymous collector Keung.

This gold-furred Ape is considered one of the rarer avatars, ranked 324th out of 10,000 NFTs, according to data from Rarity Tools. Less than 0.5% of the Apes have golden fur, making this a highly sought-after avatar.

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Many Bored Ape NFTs have lost considerable value in recent months, including one purchased by singer Justin Bieber earlier this year for $1.3 million worth of ETH that’s only valued at around $69,000 today.

The last Bored Ape that topped the $1 million mark was sold on Oct. 1 for 777 ETH, or $1.02 million.