Former Barclays bond traders, Ovie Faruq and Mike Anderson, sold a collection of 72 Bored Ape Yacht Club NFTs on NFT marketplace OpenSea for $9.25 million. The traders left Barclays in 2021 to pursue careers in the NFT space after purchasing the collection for $1.14 million. The NFTs, depicting apes in various states of boredom, were sold for between 78.08 and 78.18 Ether each, with a minimum profit of 700%.
Faruq and Anderson plan to continue developing their NFT research platform, Degenz, which provides intelligence on the NFT sector to new entrants. Faruq also intends to build his own NFT collection, “rektguy,” which gained prominence when rapper Snoop Dogg bought two of the images in June 2022 and used one as his profile picture on Twitter.
The Bored Ape Yacht Club NFTs had a peak value of over $30 million on May 1, 2022, but have since fallen about 2% to a floor price of 77.4 Ether on Wednesday. Despite volatility in the NFT market, Faruq and Anderson respected liquidity and took profits when available.
This sale marks a significant success for Faruq and Anderson in the NFT space and highlights the potential for substantial profits in the industry. As interest in NFTs continues to grow, traders and investors alike may look to opportunities like these to capitalize on the market’s potential.