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Sotheby’s Bored Ape NFT Collections Surpass Estimated $19M Value

UTC by Tolu Ajiboye · 3 min read
Sotheby’s Bored Ape NFT Collections Surpass Estimated $19M Value
Photo: Sotheby's

Sotheby’s currently has an almost $20 million bid for one of its Bored Ape NFT collections even though the auction still has three days left.

Sotheby’s Bored Ape non-fungible tokens (NFTs) exceeded its auction price expectations, as bids currently top $19 million. Based in New York, Sotheby’s is a leading global broker in fine and decorative art, jewelry, and collectibles. The company recently floated a set of 101 Bored Ape Kennel Club (BAKC) and 107 Bored Ape Yacht Club (BAYC) NFTs. The BAKC collection features expressionless ape faces clad in various dazzling accessories. Both NFT collections are developed by Yuga Labs.

The auction house set a price range of between $12 million to $18 million dollars for the sale of the Yacht Club NFTs. With three days left of the auction, the Sotheby’s Bored Ape NFT collection is now sitting on a $19 million bid. In addition to this, the total number of bids to date now stands at 44. Furthermore, bidders can also continue to place offers for the BAKC collection until September 9th. The Kennel Club collection carries an estimate of between $1.5 million and $2 million. So far, this estimate has not been met, with the highest bid totaling $550,000. There are currently a total of 36 bids submitted.

Sotheby’s Bored Ape NFT Details

The Bored Ape Yacht Club is a collection of 10,000 NFTs on the Ethereum blockchain. It is the fifth highest-selling collection, according to CryptoSlam. The current highest sale recorded was for Bored Ape #7090, which sold for 600 ETH ($2.37 million) three days ago. Furthermore, last month, NBA veteran point guard, Steph Curry, purchased a Bored Ape NFT from the Yacht Club for 55 ETH ($180,000).

Curry’s Bored Ape features blue fur, zombie eyes, and wears a tweed suit. The last two traits of the NBA player’s NFT are a rarity. Only 3% of apes feature zombie eyes, and an even lesser number (1%) wear tweed suits. In addition, there’s also a spinoff collection of apes called ‘mutant apes.’ This grants holders the ability to alter the appearance of their ape NFTs into new, outlandish ones.

The current floor price of a Bored Ape on the open market is 40 ETH ($160,000). This translates to an overall price of $16.6 million for the general collection of 101 ape NFTs. It should also be noted that the aforementioned collection includes some rare ape tokens. They include about seven apes with a peculiar fur color ranging from solid gold to ‘trippy’. In addition, four other ape tokens feature some facial hair and also incorporate food props into their appearance. The examples given are all very rare traits and as a result, potentially make the collection more valuable.

NFT Sales on the Rise

NFTs continue to raise millions of dollars in sales. From sports to entertainment, every sector is looking for how to incorporate them into their space. Recent NFT sales like CryptoPunks have done extremely well. As a matter of fact, it was Sotheby’s that facilitated the sale of some of CryptoPunks most prized collections.

Sotheby’s auction house only joined the NFT rave this summer, but looks set to make a killing in it. The company has already listed several collectibles from numerous big names, within and outside the crypto space.

Altcoin News, Blockchain News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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