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.
Trader Takes 624 ETH Loss on One of the Most Valuable BAYC NFTs
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.
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.
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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