NFT Madness Continues as 101 Bored Ape NFTs Sold for $25 Million

September 11, 2021, 9:45 AM AEST - 2 weeks ago

A collection of 101 Bored Ape Yacht Club (BAYC) non-fungible tokens sold for almost US$25 million at auction this week, underlining the insanity of an out-of-control NFT market that topped US$5 billion in overall sales last month.

The exact total of US$24.4 million paid for the BAYC collection translates to an average price of US$241,515 per NFT, smashing Sotheby’s pre-sale estimate of $12-18 million for the lot.

A second lot of 101 Bored Ape Kennel Club (BAKC) NFTs – digital dogs designed as companions for the apes (see video below) – sold for US$1,835,000.

The digital apes have garnered a runaway cult following among the cryptocurrency community, attracting celebrity collectors such as NBA superstar Steph Curry, the NFL’s Dez Bryant, and musicians including electronic duo the Chainsmokers and rapper/entrepreneur Jermaine Dupri. BAYCs have also been the subject of a feature in The New Yorker magazine.

Single Bored Ape NFT Sells For New Record Price of $2.9 Million

This week’s auction drew largely positive support from the BAYC and broader NFT community on Twitter. Sotheby’s also reported interest from traditional art collectors who are “eager to learn” about the new art category.

We actually have a number of other NFT auctions already in the works and have been developing a long-term NFT strategy since [the first two quarters of 2021].

Michael Bouhanna, co-head of digital art, Sotheby’s

Last month, Crypto News Australia reported that a single BAYC token fetched the equivalent of US$1.29 million on OpenSea. Earlier this week, however, a single Bored Ape NFT sold for a new record US$2.9 million to the creators of The Sandbox, an upcoming Ethereum-based open-world metaverse game.

The Sandbox has foreshadowed a partnership with Bored Ape Yacht Club and plans to turn the illustrations into playable 3D avatars that owners can use within the game.

The three Bored Ape NFT drops so far have collectively generated more than US$777 million worth of trading volume, according to data aggregator CryptoSlam.

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