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BAYC NFT Sells for 153 ETH Just 11 Months After 777 ETH Purchase – Seller Loses 80%

2 mins
Updated by Ryan James
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In Brief

  • A Bored Ape Yacht Club (BAYC) NFT that previously sold for 777 ETH has exchanged hands for 153 ETH, marking an 80% devaluation.
  • The sale of the BAYC NFT took place on the X2Y2 marketplace, known for its zero compulsory royalty fees, affecting creators' revenue.
  • As royalty-free NFT marketplaces become the norm, Yuga Labs, the creator of BAYC, could lose a valuable source of income.
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A Bored Ape Yacht Club (BAYC) NFT that was the most valuable Trippy Bored Ape on record when it sold for 777 ETH in November 2022 has exchanged hands for 153 ETH.

Thanks to rare attributes, including trippy fur and a gold crown, BAYC #8585 holds the title of the most expensive ‘Trippy’ BAYC ever sold, valued at 777 ETH in October 2022. However, the latest trade represents a significant loss for the seller.

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In Ethereum value, the latest sale represents an 80% markdown on the NFT’s previous price. Even taking into account gains in the crypto market since last year, the NFT is still worth just a quarter of its previous value in dollars.

The #8585 ‘Trippy’ bored Ape still holds the highest sale price in its fur category – and currently shares fifth spot with the most expensive Bored Ape sale according to OpenSea.

However, just eleven months after the previous buyer forked out over $1 million for the NFT, it was sold at a 75% loss.

Bored Aper Yacht Club #8585 NFT
BAYC #8585 (Source: OpenSea)

According to NFTGo, the sale occurred on Sunday morning on the X2Y2 marketplace.

A look at the wallet of the new owner reveals them to be an avid NFT collector. Their portfolio includes 176 NFTs from 15 collections. After their latest purchase, they now own six BAYC NFTs. The same wallet also holds three CryptoPunks.

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Yuga Labs Loses Out as BAYC Collectors Save on Royalty Fees

Although not the largest NFT marketplace by trade volume, X2Y2 offers one major advantage for traders: zero compulsory royalty fees.

In fact, the rise of royalty-free marketplaces has been felt across the NFT ecosystem. And this week, one of the largest trading platforms, OpenSea, announced that it would ditch compulsory creator fees.

In response, Yuga Labs, which created the BAYC collection, said it would pull its support for OpenSea. 

The company intends to prevent its new collections from being listed on OpenSea. Where possible, it will also upgrade existing NFT contracts to prevent royalty-free listings.

How effective Yuga’s proposed strategy remains to be seen. And unlike some of its other collections, it won’t be possible to change to the BAYC contract to prevent listing on marketplaces that don’t enforce creator fees.

Unfortunately for the company, that means one of its most important revenue streams is at risk of drying up.

top NFT collection royalties earned BAYC
Top Royalty-Earning NFT Collections (Source: Nansen)

According to Nansen data, secondary BAYC sales have generated Yuga Labs over $58 million in royalties, more than any other NFT collection it has created. With average royalties of 1.53%, the most valuable BAYC NFTs, like #8585 have been a cash cow for the company. But those days may be numbered.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

James Morales
James is a London-based editor, writer and explorer of the cryptosphere who started his journalistic career writing about digital art before honing his craft as a financial technology reporter. From the latest innovation in digital assets to the evolution of Web3, he is perpetually fascinated by the technologies of decentralization.