Astonishing Bid Breaks Records
In a staggering turn of events that has left the digital art world buzzing, Yuga Labs’ auction of 101 Bored Ape Yacht Club (BAYC) NFTs concluded with a jaw-dropping winning bid of
BAYC Collection Overview
The auction, held by the esteemed auction house Sotheby’s, shattered expectations by more than doubling their initial estimate of $12 million to $18 million. The winning bid of $24.39 million means that each Bored Ape in the collection averaged about $241,000, or 69.4 ETH at publication time. That’s more than a mortgage payment for many!
The collection included three M1 and three M2 serums, which people use to create the Mutant Apes. Think of it as a genetic engineering game but with virtual monkeys.
The Ape Community Celebrates
The Bored Ape Yacht Club tweeted a heartfelt welcome to the buyer, declaring, “To the buyer, I think we speak for everybody when we say: WELCOME TO THE CLUB. ☠️⛵️” A warm embrace from a club that’s known for showing off its shiny ape NFTs like they’re the latest edition of a high-end fashion line.
Market Trends and Notable Sales
Interestingly, another collection from Yuga Labs—Bored Ape Kennel Club—also saw action with a winning bid of $1.83 million, landing comfortably within Sotheby’s estimate. On a side note, it’s curious that a bunch of digital dogs could fetch that much money, but then again, we’re talking about the NFT world where the bizarre is par for the course.
Notable figures have also joined the ape parade, like NBA star Steph Curry, who purchased a Bored Ape NFT for 55 ETH ($191,000). Meanwhile, The Sandbox scooped up an ape NFT for a staggering 740 ETH ($2.57 million). Seriously, these apes are living their best lives while we’re here stuck in default mode!
Is the NFT Bubble Bursting?
Despite the buzz surrounding these auctions, the overall NFT sales volume has taken a nosedive recently. Sales among major projects like CryptoPunks and Art Blocks have seen massive declines of up to 85%. The marketplace is like a rollercoaster ride; one moment you’re on top of the world, the next you’re plummeting toward the ground.
Moreover, floor prices are also witnessing a downturn from a peak of 1.02 ETH to about 0.40 ETH. Whether this indicates a bear market or simply a market correction remains to be seen. Let’s just say, it’s a wild time to be a digital collectible holder!
