Bored Ape NFT Collection Fetches $24M at Sotheby’s

Non-fungible token (NFT) mania is showing no signs of slowing down as the Bored Ape collection continues to draw in millions of dollars.

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The highly anticipated auction of the 101 Bored Ape Yacht Club (BAYC) NFT collection has become one of the biggest sales in the space fetching $24.39 million at Sotheby’s on Sept 9.

The collection from Yuga Labs initially had an estimated worth of $12-$18 million but the winning bid smashed that. It wasn’t the only ape sale as a second collection of 101 Bored Ape Kennel Club NFTs sold for $1.8 million.

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The whopping figures put the primate-themed collection up there with the nine CryptoPunks which sold for $16.9 million in mid-May and Beeple’s whopping $69 million sale in March.

The average price of a Bored Ape has just surged to around $241,000 from just $3,600 two months ago.

‘Ape’ing into NFTs

The Yuga Labs collection initially consisted of 10,000 partially random “Bored Ape” Ethereum -based NFTs with unique characteristics such as fur, hats, eye patches, necklaces, and earrings. Ape owners are also granted club membership which entails benefits such as NFT drops, merchandise, and access to a collaborative graffiti board.

Since its launch on April 30, the BAYC has attracted some notable buyers such as NBA star Steph Curry who splashed out 55 ETH or around $180,000 for an Ape in late August.

A variation of the collection called the Mutant Ape Yacht Club is also selling well on OpenSea . There are 20,000 NFTs that can only be created by exposing an existing Bored Ape to a vial of what it called “Mutant Serum,” or by minting a Mutant Ape in the public sale.

In late August, Bored Ape owners were airdropped one of three “serums” M1, M2, or “Mega Mutant” M3. When they combine their existing Ape with an M1 or M2 serum the resulting Mutant Ape retains traits of the original whereas the M3 serum creates a completely different Ape, with potentially rarer traits that make it more valuable.

Sneaky Vampires next?

According to Rarity Tools , a platform that ranks NFTs in order of rarity, Ape number 7495 is currently the rarest. The red-eyed beast is up for auction at a cool 1,777.7 ETH, or $6.2 million at current prices.

On Sept 7, BeInCrypto reported that a new NFT community called the Sneaky Vampire Syndicate had been launched by one of the artists behind the BAYC.

To celebrate its third anniversary, BeInCrypto has released its own NFT charity collection which can be found here .

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Martin Young

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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