One of the hottest NFT projects is the Bored Ape Yacht Club. The massively successful non-fungible token collection is the subject of an upcoming Sotheby’s auction that includes a lot of 101 Bored Apes sold together.
What Happened: Sotheby’s will auction off two lots of NFTs during an auction lasting from Sept. 2-9.
The first lot contains 101 Bored Apes and 3 M1 and 3 M2 mutant serums from the recently launched Mutant Ape Yacht Club.
Among the 101 Bored Apes are #5809 and #7440, which rank as the 21st and 52nd most rare Bored Apes on Rarity Tools.
Both apes have solid gold fur, a feature only found in 46 of the 10,000 Bored Apes. The cheapest listed Bored Ape with solid gold fur is 888 Ethereum ETH/USD on OpenSea, or around $2.88 million.
The second lot contains 101 Bored Ape Kennel Club NFTs, a series that was airdropped for free to Bored Ape holders.
“Bored Ape Yacht Club and Bored Ape Kennel Club have paved the way for what NFT art communities can be. Whether its your online identity, a shared culture or you just want to ape in…the @boredapeyc sale starts September 2,” Sotheby’s tweeted.
Sotheby’s lists an estimate of $12 million to $18 million for lot one and $1.5 million to $2 million for lot two.
Why It’s Important: The current floor for Bored Ape Yacht Club is 45.44 ETH at the time of writing. Based on the estimate from Sotheby’s and an Ethereum price of $3,268 at the time of writing, the lot values each ape at an average of 36.35 ETH to 54.64 ETH.
Based on a rising floor and the inclusion of the two apes, the lot could surpass the estimate from Sotheby’s or come in on the high side of the range.
Over the last 24 hours, Mutant Apes had volume of $49.7 million with Bored Ape Yacht Club at $20.35 million and Bored Ape Kennel Club at $2.43 million, all ranking in the top 10.
Over the last seven days, Bored Ape Yacht Club ranks fifth with sales volume of $140.66 million. All-time, Bored Ape Yacht Club ranks No. 5 in sales volume at $379.34 million. Bored Ape Kennel Club ranks thirteenth at $70.49 million.
Celebrities like Steph Curry and Logan Paul have been buying Apes along with investors like Chris Camillo. Many will want to know who the auction winner is and what their plan is to do with the collection, whether it’s to hold for value, split it up and sell off some or work on making money from licensing.
The auction by Sotheby’s could bring a larger spotlight to one of the most successful NFT projects and also help legitimize concerns over a NFT bubble or valuations on top projects.
Christie’s is planning to auction several NFTs including Bored Ape #8746 in a Sept. 17 auction.
Photo: Courtesy of boredapeyachtclub.com.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.