Someone just paid $1.4 million for a golden BAYC NFT – Here’s why

FreeLunchCapital, the pseudonymous founding father of Ground Protocol, paid $1.43 million price of 588 ETH for a Non-Fungible Token (NFT). The NFT is linked to a gold Bored Ape Yacht Membership (BAYC) that beforehand belonged to the vault of the bankrupt FTX.

Particularly, the sale passed off on October 11 for the BAYC #7940, which has a golden pores and skin as its major function. One other pseudonymous member of the Bored Ape Yacht Membership, Xeer, stated on

A BAYC NFT buy revenge story in opposition to FTX and SBF

This buy has triggered fairly a stir within the cryptocurrency market and the brand new proprietor of the BAYC #7940 defined his causes. In a put up on October 12, FLC_FlooringLab advised a brief story of revenge in opposition to the bankrupt FTX.

“I had 20 million price of property buried in FTX. SBF [Sam Bankman-fried] took some from me. Now I am taking one thing that was his. Easy and sincere.”

– FreeLunchCapital (@FLC_FlooringLab)

The put up additionally linked an announcement from Erick, co-founder of The OTC Community, itemizing and providing a collection of uncommon NFTs from the FTX vault.

Bored Ape Yacht Membership particularly stays the main NFT assortment, as evidenced by the statistics we have collected DefiLlama present. On October 12, BAYC’s day by day quantity was 668.88 ETH; the gold #7940 unit represents 83.4% of the entire.

In abstract, FreeLunchCapital paid 588 ETH for an NFT linked to what lovers contemplate one of many “most aesthetic” gold BAYC models of the gathering. The quantity is price roughly $1.43 million, indicating a renewed curiosity in buying and selling these uncommon tokens.

Moreover, FTX, which could have a transparent path to paying again its prospects, will inject billions of {dollars} of liquidity into the market, along with releasing a listing of fascinating NFTs beforehand locked within the bankrupt firm’s vaults. All issues thought of, this latest occasion might be the lacking spark for a long-awaited crypto bull market in 2024.

On that be aware, Ali Martinez believes an altcoin season is “imminent,” whereas Finbold reported different indicators that an alt season is starting. Moreover, Perplexity AI has gathered up to date insights from the web, predicting that the Bitcoin value will attain new highs this yr.