By
Chimamanda U. Martha
April 17th, 2024
A unique set of 101 Bored Ape NFT Yacht Club representing 1% of the total Bored Apes collection went for a staggering $24.4 million.
The NFT mania in the market is going pretty strong as of now. On Thursday, September, British auction Sotheby’s announced that a set of Bored Ape NFTs sold for a staggering $26 million in total.
As per Sotheby’s, the auction for 101 Bored Ape Yacht Club NFTs ended with the final sale at $24.4 million. The Bored Ape Yacht Club (BAYC) consists of 10,000 unique Apes, each having rare and varying traits. On the other hand, the set of 101 Bored Ape Kennel Club NFTs sold for $1.8 million. Thus, the total sale for Bored Ape NFTs stood for a combined $26.2 million.
#AuctionUpdate 101 Bored Ape Yacht Club NFTs just sold for $24.4 million and 101 Bored Ape Kennel Club NFTs achieved $1.8 million in our Ape in! auction – the most significant #BAYC sale to date. Congrats to all the apes out there 🐵🐶 pic.twitter.com/e7UghlgtKy
— Sotheby's (@Sothebys) September 9, 2021
Yuga Labs, the creators of Bored Ape NFT started the auction last week on September 2. The second lot i.e. the Bored Ape Kennel Club consists of a collection of 101 dogs. As shown in the above tweet, these dogs are regarded as the pets of the Apes.
These dogs also come with unique combinations of traits. These dogs resemble similar to Shiba Inu, the meme cryptocurrency with massive popularity.
Creating Massive Trading Volumes on OpenSea
Since their launch in April 2021, the Apes have exploded in popularity. The Bored Ape NFTs contribute the third-largest trading volumes on Ethereum-based NFT marketplace OpenSea after Loot and CryptoPunks.
Some of the single Bored Ape NFTs are going for multiple million dollars. Last week, Bored Ape #3749 having a sailor’s cap, a gold fur, and laser-beaming eyes sold for a massive $2.6 million.
Michael Bouhanna, the art specialist at Sotheby’s, said that traditional art buyers are showing massive interest in NFTs. He further added:
“People were talking about a bubble in March, in June, etc, and then we see that the market is even stronger today so I think they’ve been proven wrong … I think it’s a very organic market with great collectors who have great appreciation of art”.
The NFT market has exploded this year with sales at multiple billions of dollars. Just like Bored Ape, the CryptoPunk NFTs have created a rage in the market. Back in May 2021, a bundle of nine CryptoPunk NFTs sold for a staggering $16.9 million. Back in March, digital artist Beeple sold one of his artworks for a staggering $16.9 million.
The OpenSea marketplace has been a hot destination for NFT trading. In the last month of August, OpenSea registered more than $3.4 billion in monthly trading volumes.