A set of 101 non-fungible tokens, or NFTs, from the "Bored Ape Yacht Club" collection, which features images of various cartoon apes, sold for $24.4 million in an online sale at Sotheby's auction house on Thursday, wildly surpassing estimates and offering further proof that the market for NFTs is surging once again.
The Bored Ape Yacht Club is a set of collectible NFTs representing 10,000 cartoon apes, each with unique arrangements of accessories (such as eye patches, necklaces, and earrings) and different colored fur.
In addition to the 101 NFT's, the winner is granted the ability to generate six new Mutant Ape NFT using one of the NFTs in the collection, as the lot includes three M1 and three M2 "Mutant serums."
According to the NFT-focused website, Decrypt.co, “If a Bored Ape is injected with an M1 or M2 serum, the resulting Mutant Ape retains traits of the original ape,” thereby increasing value of the new NFT.
The final sale price of the lot greatly exceeded Sotheby's presale estimate, which the auction house set at between $12 and $18 million.
Sotheby's accepts payments in the cryptocurrencies bitcoin, ether and USDC, as well as fiat currency.
Sotheby's sold a second lot, featuring 101 NFTs from the Bored Ape Kennel Club collection (NFTs that feature images of dogs) for $1.8 million on Thursday.
Yuga Labs, which is based in Delaware, officially launched the Bored Ape Yacht Club, which is stored on the ethereum blockchain, on April 30th. The complete set includes ten thousand ape-based NFTs, all of which sold out in less than 24 hours after being initially offered for approximately $200 in Ethereum cryptocurrency. The secondary market price climbed past $1,000 almost immediately and had soared to nearly $72,000 per Bored Ape by early September. On Monday, a single Bored Ape was sold at 740 Ethereum, or about $2.9 million. Despite concerns this summer over the NFT marketplace when sales slumped, other NFT collections have seen their value climb recently as well. Over the weekend, CryptoPunk #6275, a computer-generated avatar of a teal-colored alien with a beard, sold for 1319 ethereum, which equates to approximately $5.2 million. Last week, Fidenza #547, an NFT from the Art Blocks collection, sold for $1.8 million. In late August, Visa, the financial services company, purchased a CryptoPunk for its corporate collection. Over a 30-day period from mid-July to mid-August, a total of $897 million in NFT sales were recorded, according to data from the NFT tracking site NonFungible. In total, NFTs have reportedly generated close to $7 billion in global sales over the first eight months of 2021.
In August, NBA superstar Stephen Curry, a former two-time MVP for the Golden State Warriors, paid $180,000 for a Bored Ape Yacht Club NFT. Curry later changed his Twitter avatar to a picture of the NFT.