Set of Bored Ape NFTs Sells for $26 Million in Total at Sotheby’s

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by Bhushan Akolkar · 2 min read
Set of Bored Ape NFTs Sells for $26 Million in Total at Sotheby’s
Photo: Bored Ape Yacht Club

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.

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.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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