Bored Ape Yacht Club collected $96 million in a single hour in a public sale of 10,000 Mutant Apes on Saturday night, then airdropped a further 10,000 vials of mutant serum that allowed existing holders of the Ethereum-based NFT to mint new apes for free.
Bored Ape Yacht Club, which debuted in April 2021, was originally made up of 10,000 randomly created NFTs. Each has unique features, such as wearing tweed suits while others smoke. The idea is akin to CryptoPunks, which has 10,000 computer-generated avatars that appear similar to empty and are considerably more expensive.
Holders of Bored Ape tokens received one of three serums by airdrop: M1, M2, or Mega Mutant (M3). When a Bored Ape is injected with M1 or M2 serum, the ensuing Mutant Ape preserves the original ape’s characteristics. The M3 serum transforms an ape into something altogether different, with potentially rarer—and thus more valuable—traits.
The airdrop was a terrific deal for Bored Ape holders because it allowed them to preserve their initial NFT while also minting a valuable additional token.
The Mutant Apes, which were claimed for free by holders or purchased for 3 ETH in the public sale, are currently selling for a minimum of 7 ETH ($22,400) each. According to data from the NFT marketplace OpenSea, the Mutant Apes have produced over $88.4 million in trade volume since their inception.
Owners of the apes, like NBA star Stephen Curry as of yesterday, frequently use them as profile images to show their riches. Curry paid $180,000 for his ape.
According to CryptoSlam, Bored Apes is the fifth-most successful crypto-collectible project of all time, with $354 million in sales. The cheapest (non-mutant) Bored Ape is available for 25 ETH ($80,000).
Bored Ape holders were airdropped a companion dog NFT from the Bored Ape Kennel Club collection earlier this month. On August 10, a package of a Bored Ape and its dogs sold for $1 million.
Sotheby’s will auction off a collection of Bored Apes on September 2. While the auction will provide tremendous public awareness for the project, not everyone is pleased with the sale:
“Why are we selling our JPEGs through Sotheby’s and Christie’s, who take a 25% cut?” Last night, Meltem Demirörs tweeted. “We must abandon our reliance on old-school institutions for validation.”