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Bored Ape NFTs Sale Scores Former Junk Bond Traders 700% Profit

24Feb

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Bored Ape NFTs Sale Scores Former Junk Bond Traders 700% Profit

[ad_1] 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...

Cryptoverse: Punk apes and a resurrection of NFTs

[ad_1] It's alive! The NFT market is twitching out of its torpor, defying reports of its demise.Total NFT sales on the ethereum blockchain - which hosts most trading - jumped to $780.2 million in January from $546.9 million the month before, according to market tracker CryptoSlam. Digital art collectibles were among the big hits. "Bored Ape Yacht Club #5840" - a cartoon monkey shooting green lasers from its eyes - went for $822,730, for example, while "CryptoPunks #7674" - a pixelated character smoking a pipe - fetched $433,555. The average NFT sale price was a more modest $372.38, according to CryptoSlam.The $780 million of sales seen last month is a fraction of the roughly $5 billion seen last January and $2.7 billion in May, before the market took a non-fungible nosedive along with ...

Five charged in France over ‘Bored Ape’ NFT theft

[ad_1] Five people were charged in France Wednesday on suspicion of fraudulently acquiring $2.5 million of valuable NFTs. Five people were charged in France Wednesday on suspicion of fraudulently acquiring $2.5 million of valuable NFTs, digital certificates of ownership for artworks that can be traded online, Paris prosecutors said.Charges against the five young adult suspects over the theft include fraud committed as part of a criminal gang, concealing fraud and criminal association. Prosecutors believe the group fraudulently acquired control of the NFTs -- an acronym for "non-fungible token" -- between late 2021 and early 2022. They include several of the cartoon monkey portraits dubbed "Bored Apes" that are among the best-known and most sought-after digital art assets.A report earl...