The Sotheby’s Bored Ape Yacht Club NFT Auction Produced $24 Million In Income

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Sotheby Ape Yacht

In a recent auction, the BAYC team sold 107 Bored Ape Yacht Club Non-Fungible tokens. Six of these belong to the Mutated version of the Bored Apes Yacht Club.

Bored Ape Yacht Club

Non-Fungible tokens are slowly picking pace with new NFTs launching every week.

Although the NFT market is stumbling, enthusiasts are optimistic that the future for the tokens is promising.

Non-Fungible tokens can be gifs, videos, photos, audio, and other types of digital files.

In a recent auction, the BAYC team sold 107 Bored Ape Yacht Club Non-Fungible tokens. Six of these belong to the Mutated version of the Bored Apes Yacht Club.

The bidding at Sotheby’s Auction House had a goal to make between $15 and $18 million. This estimate is roughly more than $240,000 for each Ape. BAYC team, however, surpassed their goal by more than 50%, hitting the $24.39 million mark.

On the Opensea platform, one Bored Ape usually costs around 46 ETH, equivalent to approximately $160,000. On the other hand, the Mutant Ape Yacht typically costs about $20,400 (5.75 ETH).

Housed on the Ethereum platform and founded by Yuga Labs, these Bored Ape Yacht Club NFTs are pretty famous. Yuga Labs launched BAYC NFTs April this year.

Another bundle of 101 Bored Ape Kennel Club NFTs sold for a whopping $1.8 million. Bored Ape Kennel Club NFT is a series of accompanying dog tokens sent out to ape owners.

The BAYC NFTs joined the list of the most significant sales in the market with auctions such as Beeple’s collage. Beeple’s NFT bid started at just $100 at Christie’s Auction house. Eventually, the artwork sold for $69.3 million.

There are 10,000 Bored Ape NFTs in total, each with unique features such as sailor hats, eye patches, stud earrings, and other accessories.

Ape owners get various benefits like access to exclusive merch drops, NFT bonuses, and the use of the online graffiti board. Eventually, these NFT holders will benefit more in the future.

After its launch, BAYC quickly becomes the second-biggest name in NFT collections, right behind CryptoPunks. The Bored Ape NFTs’ future also looks promising.