In another landmark NFT sale led by auction house Sotheby’s, the Bored Apes Yacht Club NFT collection pooled in record sales. Yuga Labs, the team behind the NFT idea had partnered with Sotheby’s for the sale of its NFT collections comprising Bored Apes Yacht Club and Bored Ape Kennel Club. According to reports, both collections were able to pool over $23 million and more than $1 million for the BAKC collection.
The sale for the first collection- Bored Apes Yacht Club (BAYC) ended on Friday beating expectations as to the bids it would garner at the sale. Before the sale took place, Sotheby’s had valued the entire tokens at no less than $12 million and not below $18 million. However, it ended up with the highest bid of over $23 million.
In the BAYC collection, there are a series of 101 non-fungible tokens including ‘Mutant Serum’ NFTs grouped into M1 and M2 categories. Holders of the tokens can merge them with either an M1 or M2 serum to produce a fresh NFT known as Mutant Ape token. The latter NFT reserves the features of the initial BAYC non-fungible token but is depicted in a mutant form.
Bored Ape NFT Valued at 69 Ether
Excluding the serum tokens, the least price of each NFT is more than $240,000 or almost 70 Ether as per the estimates provided by Sotheby’s. Their prices would likely have gone above the roof since the sale ended. Meanwhile, the serum NFTs are usually given to those in possession of the BAYC tokens as airdrops and for free.
On secondary marketplaces such as OpenSea, the lowest price of each BAYC NFT is well below the estimates given above. OpenSea shows that the least cost for each is 38.99 Ether, valued at about $135,000.
BAKC Collection Sells for $1.83 Million
Yuga Labs via its official Twitter page had expressed delight at the successful and record-breaking completion of the sale. The team also sold the BAKC collection, which although less valued than the BAYC collection, attracted the highest bid of $1.83 million, with each NFT being worth $18,150.
This contrasts with the prices on the OpenSea marketplace but aligns with the total estimate given by Sotheby’s- within the range of $1.5 million to $2 million. On OpenSea, each BAKC NFT is valued at $10,700 or 3.09 ETH.
The BAYC collection launched in late April courtesy of Yuga Labs, and since then it has turned out a major appeal to NFT enthusiasts, also attracting the attention of celebrities like NBA basketball star Steph Curry. Curry had purchased a Bored Ape NFT in August for a whopping 55 ETH or $191,000.
Available data on NFT sales indicate that NFT transactions for collections like CryptoPunks, BAYC and ArtBlocks have simmered in this month. Contrary to claims that the NFT craze is dying, the momentum is likely to pick up speed again as soon as new projects arrive.