Bored Ape Yacht Club NFT Sells for $1.43 Million as FTX Assets Resurface

The founder of Floor Protocol, operating under the alias FreeLunchCapital, has attracted attention after purchasing a Non-Fungible Token (NFT) linked to the Bored Ape Yacht Club (BAYC) for 588 ETH, equating to approximately $1.43 million.

This particular NFT, BAYC #7940, features a distinctive golden appearance and was previously owned by the bankrupt FTX.

The transaction, finalized on October 11, sparked conversations in the cryptocurrency community. Another BAYC member, Xeer, praised the NFT’s aesthetics on social media. Following this acquisition, FreeLunchCapital shared insights on his motivations, referencing a personal grudge against FTX in a post on October 12, which also mentioned rare NFTs available from the FTX vault.

This sale comes shortly after FTX was granted permission to return around $16.5 billion to its customers, as noted by Reuters. The repayments are expected to be processed over the next 60 days.

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This significant NFT purchase might signal the resurgence of the market reminiscent of the 2021-2022 bull run, during which NFT transactions soared. Data shows that NFT trading volume peaked above $3 billion in 2021, with consistent activity over $1 billion. In contrast, current trading volumes have dipped below this benchmark, recently hovering below $100 million

Kosta Gushterov