Set of Bored Ape NFTs Auctioned Off For $24.4M At Sotheby’s

As 101 NFTs were auctioned at Sothebys in London, the record price was $24.4 million.

Bored Ape NFTs Breaks Records

The Bored Ape Yacht Clubs first bundle of 101 NFTs sold for $24.4 million. This is the largest sale in the NFT space. The Bored Ape Kennel Club collection of 101 NFTs sold for $1.8million, and the second was following. The auction house sold 202 Bored Ape NFTs, totaling $26.6 million. This set of anthropomorphic animals includes a variety of features such as clothing, accessories, facial expressions, and more. Buyers would have the opportunity to create six “mutant” apes. Yuga Labs, the creators and promoters of NFTs, started the auction on September 2nd. It quickly reached $19 million in bids.

The Exclusive Bored Ape Yacht Club

An NFT, for the uninitiated is a piece digital art that has been assigned to a specific owner using blockchain technology. It is usually in the form of an image, video or in-game item. Although the NFT is accessible digitally, the official owner will only be identified as the buyer. The Bored Ape NFTs also give the buyer the intellectual property rights to the images. The Bored Ape Yacht Club is an exclusive club that allows NFT owners to access exclusive merchandise, bonus NFTs and an online graffiti board.

Traditional Art Collectors are attracted to NFTs

The Bored Ape Yacht Club is an online collection of 10,000 computer-generated cartoon apes. It is one of the top three NFT projects listed on Etheruems NFT marketplace OpenSea. After the release of the collection in April 2021, the popularity of apes skyrocketed. Bored Ape NFTs have had record-breaking sales before, despite the caution at Sothebys. A record-breaking $2.6 million was paid for another NFT last week featuring a sailors cap, gold fur and laser-beaming eye.

Michael Bouhanna (contemporary art specialist at Sothebys), says that traditional art buyers are increasingly turning to NFTs.

He added:

People were talking about a bubble back in March, June, etc., but then we see that it is stronger today, so I believe they are wrong. I believe its an organic market with great collectors who appreciate art.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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