On July 8, an anonymous account that holds 9 Otherdeed and 2 Bored Ape’s made offers for 6 different Bored Ape tokens, all of which had the ‘Solid Gold Fur’ property. Two hours after the offers were made, Ape #6388 was sold for 869.69 ETH, the equivalent of $1.08 million. Even though there are only 46 Ape’s with the gold fur trait, many were left stunned at the offer, and even more so at the holders who refused to accept.
Bored Ape Yacht Club has always been known for outrageous sale prices, however, most have occurred during either bull markets or stable markets, experiencing neither growth nor dives. What made this unique is that the Bored Ape was purchased during the markets experiencing heightened fear as we near a possible recession.
The sale has caused ripples within the BAYC ecosystem after flipping #9452, allowing Ape #6388 to become the 17th most expensive Bored Ape ever sold according to NFTsStreet. However, in terms of ETH value, #6388 sits in second place behind Ape #232 which was bought for 1080.69 ETH on LooksRare.
At first signs of a recession, investors began to purchase CryptoPunks, leaving many wondering if something was happening behind the scenes. Even though we may be nearing a recession, blue-chip NFTs such as BAYC, CryptoPunks, Doodles, and Clone X has either slightly risen in price or held their ground, causing many to use reputable projects as a hedge against a possible recession. The anticipation of the Otherside demo’s release has caused a jump in activity as well, with the final load test being conducted on July 9th. Such events have left no clues as to why Ape #6388 has sold for close to $1.1 million.