Wed. Jun 12th, 2024

Elon Musk Buys Bored Ape #1837 For 600 Eth ($1.5 Million)

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Popular NFT collector who goes by Derek.eth on Twitter, the top-tier Bored Ape NFT piece, under the number 1,837, has been sold to an anonymous buyer who decided to spend almost 600 ETH on it.

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Previously, Deepak (Derek) was selling the piece for 690.420 ETH, referring to widely known “meme numbers” that are often used by Musk in his tweets. But later on, he lowered the price for the piece to 569, most likely to sell it quicker.

Justin Bieber paid $1.29 million for this NFT, while its estimated value was $208,237 as of January 29, 2022, meaning the star paid nearly 300% more than the NFT’s value.

Like the famous NFT collection CryptoPunk, the Bored Ape Yacht Club (BAYC) is a collection of NFTs stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS consisting of 10,000 images of Bored Ape. The BAYC was created by Yuga Labs, composed of four core members and real-life friends. The collection launched on 30th April 2021. As being an NFT – a non-fungible token, purchasers of these digital images are guaranteed proof of owning a one-and-only version of that image.

Bored Ape Yacht Club collection is the second-highest traded NFT just eight months after release. Many celebrities have spent hundreds of thousands of dollars on these digital artworks and adorned their social platform avatar with them.

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