The American multinational company founded by the British and headquartered in New York City, Sotheby’s, closed the non-fungible token (NFT) collection auction of Yuga Labs “101 Bored Ape Yacht Club” for $ 24.3 million for the lot. The auction ended on September 10, beating the expected settlement for the NFT lot, which was valued at approximately $ 12 million to $ 18 million.
Auctions of the NFT collection “101 Bored Ape Yacht Club” and “Mutant Serum” for 24 million US dollars
The Bored Ape Yacht Club (BAYC) NFT project has been a popular non-fungible token collection since the project began. Many of the NFTs sold for hundreds of thousands of dollars for a single BAYC NFT. There are approximately 10,000 BAYC-NFTs in the original collection and 5,423 unique Ethereum addresses have at least one BAYC-NFT. Onchain statistics show an address owns approximately 105 units of the Bored Ape Yacht Club, and data shows the collection is the fourth largest in seven-day sales this week.
Statistics from Dappradar.com show that the BAYC collection had sales of $ 44.82 million this week, down 64% from last week. This week there were 368 BAYC NFT dealers, which is around 58% fewer than the number of dealers in the previous week. The $ 44 million BAYC NFT clearings came from 259 sales in the past week. In addition to BAYC sales on NFT marketplaces, Sotheby’s sold 101 BAYC NFTs for $ 24.3 million.
The batch of 101 BAYC-NFTs contained a total of three M1 “mutant serum” NFTs and a further three M2 “mutant serum” NFTs. The owner of the BAYC NFT collection can use the M1 and M2 parts to issue NFTs from the Mutant Ape Yacht Club (MAYC). This particular collection (MAYC) is the eleventh largest in terms of weekly sales. Metrics show that in the past seven days, MAYC sales of $ 24.54 million were between 1,642 merchants and 1,177 sales.
Sotheby’s Knee-Deep in Crypto, auction increases BAYC NFT’s reserve price
Leading auction house Sotheby’s competes with Christie’s auction house when it comes to non-fungible token (NFT) collections auctions. Of course, Christie’s helped sell the most expensive NFT to date when Beeple auctioned its NFT for $ 69 million. Sotheby’s, however, is no stranger to crypto and blockchain solutions as it recently unveiled a rare diamond auction and accepted digital assets for payment.
Sotheby’s sold a single crypto punk for $ 12 million in June, and the previous month the auction house announced it was partnering with Coinbase to accept crypto assets for physical art sales. Sotheby’s first joined the NFT battle in March when it teamed up with a mysterious and popular artist named “Pak”. The Sotheby’s auction also increased the minimum price (USD 130,000 per BAYC via Opensea) of a BAYC, at least according to the auction’s accounting metrics, to USD 235,000 per BAYC.
In addition to Christie’s and Sotheby’s, the popular Asian auction house Phillips has entered the world of cryptocurrencies. In the first week of May, the Phillips auction house announced that it was accepting crypto assets for a physical art auction in which popular and anonymous street artist Bansky participated.
What do you think of the results of Sotheby’s BAYC NFT collections auction? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Sotheby’s BAYC NFT website
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