The auction of the 101 Bored Ape Yacht Club (BAYC) collection by Yuga Labs exceeded expectations with a hammer price of $ 24.39 million.
The auction ended on September 10 and was hosted by the prestigious auction house Sotheby’s, which had previously estimated the collection would raise between $ 12 million and $ 18 million.
The bundle of non-fungible substances consists of 101 Bored Apes and three M1 and three M2 “Mutant Serum” NFTs. When a Bored Ape token is combined with an M1 or M2 serum, it allows the owner to mint a new Mutant Ape NFT that retains the same properties as the original Bored Ape, but shows it in a mutated format.
Taking the serum NFTs out of the equation, since they’re usually given free to owners, each Bored Ape in the collection was valued at an average price of around $ 241,000, or 69.4 ethers (ETH) at the time of publication.
The number is well above the minimum price for Bored Ape NFTs in the secondary market, with data from OpenSea showing a minimum price of 38.99 ETH, valued at around $ 135,000.
What a historic moment for the club: the @Sothebys The 101 Bored Apes auction closed for over $ 24 million. Congratulations and THANK YOU to the whole monkey community. I think we are speaking to the buyer for everyone when we say: WELCOME TO THE CLUB. ☠️⛵️ pic.twitter.com/NKxHekC0ny
– Bored Ape Yacht Club (@BoredApeYC) September 9, 2021
Yuga Labs also auctioned a 101 NFT collection from its side project Bored Ape Kennel Club, which closed that same day with a hammer price of $ 1.83 million at a price of $ 18,150 per NFT. The number was within Sotheby’s estimate of $ 1.5 million to $ 2 million, beating OpenSea’s minimum price of 3.09 ETH, or $ 10,700.
Delaware-based Yuga Labs launched BAYC on April 30th, and it has since grown into a hugely popular and sought-after project. Numbers like NBA star Steph Curry paid 55 ETH ($ 191,000) for a Bored Ape NFT late last month. Metaverse gaming company The Sandbox also acquired a Bored Ape on September 6 for a record price of 740 ETH ($ 2.57 million).
Sandbox’s NFT shows a golden monkey with laser eyes wearing a captain’s hat. In a blog post on September 8th, the company revealed plans to port BAYC-NFTs as playable avatars to their metaverse.
“The avatar collections are an additional benefit for their NFT owners in our virtual game world. With the interoperability of NFTs, they will be able to turn 2D collectible NFTs into playable 3D avatars that can be animated, run, jump, socialize, play games, and interact with their other avatars in The Sandbox, ” it says in the blog post.
Related: OpenSea bug appears to have destroyed nearly $ 100,000 in NFTs
According to data from OpenSea, NFT sales volume in the secondary market cooled in September, with top projects like CryptoPunks, Art Blocks and BAYC all seeing a drop in seven-day volume of 85%, 82% and 69%, respectively.
Only one NFT project in the top 20 saw a seven-day volume increase, with Vine co-founder Dom Hofmann’s Loot (for Adventures) NFTs seeing an 8.42% increase.
Data from Dune Analytics also shows that NFT land prices have been on a downward trend recently, falling from 1.02 ETH on August 30th to around 0.40 ETH on September 9th. However, this does not necessarily indicate a bearish trend for the NFT sector as the price may be affected by new projects coming onto the market that are being sold at lower prices.