#8585, a rare NFT from Bored Ape Yacht Club (BAYC), was purchased in October 2022 for 777 ETH (~$1 million at the time). However, recently it sold for a record low 153 ETH (~$254,000), signifying an 80% devaluation in 11 months.
With the recovery of the market, it has decreased in fiat terms by four times. Its current owner is an avid collector of NFTs, with 176 tokens from 15 collections in his portfolio.
Meanwhile, OpenSea made an announcement to phase out royalties on August 31, which was harshly criticized by the authors of the collections as an infringement of their property rights.
Yuga Labs, BAYC’s creator, promised to work towards protecting creators’ royalties and properly compensating them for their work.
