Bored Ape NFTs Sale Scores Former Junk Bond Traders 700% Profit
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Former Barclays Plc bond traders Ovie Faruq and Mike Anderson have sold a collection of iconic digital art that triggered their departure from banking and their pursuit of careers in nonfungible tokens. Faruq and Anderson sold 72 Bored Ape Yacht Club NFTs for between 78.08 and 78.18 Ether each this week, which translates to roughly $9.25 million, according to transactions recorded on NFT marketplace OpenSea. Faruq said the initial investment was around $1.14 million, which would make for at least 700% profit. NFTs, digital art that typically uses the Ethereum blockchain and is bought and sold with cryptocurrency Ether, saw their value soar in early 2022 during the height of crypto mania before a sharp selloff. However, this year's rally in risky assets has seen Bitcoin rise...