Yuga Labs’ 101 Bored Ape Yacht Club (BAYC) Collection auction exceeded expectations with a winning bid of $ 24.39 million.
The auction closed on September 10 and was unveiled by the prestigious auction house Sotheby’s, which had previously estimated that the collection would fetch between $ 12 million and $ 18 million.
The non-expendable package consists of 101 boring apes and three M1 and three M2 “mutant serum” NFTs. When a Bored Ape token is combined with an M1 or M2 serum, it allows the possessor to mint a new Mutant Ape NFT that maintains the same traits of the original Bored Ape but It represents in a mutant format.
By taking serum NFTs out of the equation, as they are typically airdropped free of charge to holders, each Bored Ape in the collection was valued at an average price of about $ 241,000 or 69.4 Ether (ETH) at the time of the publication.
The figure is well above the minimum price for Bored Ape NFTs on the secondary market, with data from OpenSea showing a minimum price of 38.99 ETH, with a value of around $ 135,000.
What a historic moment for the club: the @Sothebys The 101 Bored Apes auction closed at more than $ 24 million. Congratulations and THANK YOU to the entire ape community. For the buyer, I think we speak for everyone when we say: WELCOME TO THE CLUB. ☠️⛵️ pic.twitter.com/NKxHekC0ny
– Bored Ape Yacht Club (@BoredApeYC) September 9, 2021
Yuga Labs also auctioned a collection of 101 NFTs from its Bored Ape Kennel Club side project that closed the same day with a winning bid of $ 1.83 million, priced at $ 18,150 per NFT. The figure fell within Sotheby’s estimate of $ 1.5 million to $ 2 million, and surpassed the minimum price on OpenSea of 3.09 ETH or $ 10,700.
Delaware-based Yuga Labs launched BAYC on April 30 and has since become a very popular and sought-after project. Figures like NBA star Steph Curry mimicked by paying 55 ETH ($ 191,000) for a Bored Ape NFT late last month. Gaming firm Metaverse The Sandbox also purchased a Bored Ape for a record price of 740 ETH ($ 2.57 million) on September 6.
The Sandbox NFT depicts a golden ape with laser eyes wearing a ship captain’s hat. In a blog post on September 8, the company revealed plans to port BAYC NFT in its metaverse as playable avatars.
“Avatar collections find additional utility for their NFT holders within our virtual world of games. Through the interoperability of the NFTs, they will be able to convert the NFTs of collectible 2D images into playable 3D avatars that are animated, can run, jump, socialize, play and interact with their other peer Avatars in The Sandbox ”, it reads in the blog post. .
Related: The OpenSea bug seems to have destroyed almost $ 100K in NFT
According to data from OpenSea, NFT’s sales volume on the secondary market cooled in September, with major projects such as CryptoPunks, Art Blocks, and BAYC seeing seven-day volume declines of 85%, 82%, and 69% respectively. .
Only one NFT project in the top 20 has seen a seven-day increase in volume, and Vine co-founder Dom Hofmann’s Loot (for Adventures) NFTs saw an 8.42% increase.
Dune Analytics data too shows that NFT minimum prices are on a downward trend lately, dropping from 1.02 ETH on Aug 30 to settle at around 0.40 ETH on Sept 9. However, this does not necessarily indicate a downtrend for the NFT sector, as the price may be affected by new emerging projects on the market selling at lower prices.