While there is some sun damage, considering it's a first edition published in 1998, the degree of sun damage is minimal, and the cover, especially the spine, is not very faded. Personally, I think it's in very good condition for a first edition of One Piece Volume 2.
However, this is purely my personal opinion, so please check the numerous images I've attached, zooming in on them as needed, before making your decision.
I am not considering lowering the price.
Rare! Excellent condition! One Piece Volume 2, First Edition, First Printing, 1998, Good Condition