The winning bid for Yuga Labs’ 101 Bored Ape Yacht Club (BAYC) collection was $24.39 million, exceeding expectations.
The auction, which took place on September 10th, was hosted by the prestigious auction house Sotheby’s, which had previously estimated that the collection would fetch between $12 million and $18 million.
The non-fungibles bundle includes 101 Bored Apes as well as three M1 and three M2 “Mutant serum” NFTs. When a Bored Ape token is combined with an M1 or M2 serum, the holder is able to mint a new Mutant Ape NFT that retains the original Bored Ape’s traits but depicts it in a mutant format.
Taking serum NFTs out of the equation because they are typically airdropped for free to holders, each Bored Ape in the collection was valued at around $241,000 or 69.4 Ether (ETH) at the time of publication.
The figure is significantly higher than the secondary market floor price for Bored Ape NFTs, according to OpenSea data, which shows a minimum price of 38.99 ETH, or around $135,000.
What an historic moment for the club: the @Sothebys auction of 101 Bored Apes has closed at over $24m. Congratulations and THANK YOU to the whole ape community. To the buyer, I think we speak for everybody when we say: WELCOME TO THE CLUB. ☠️⛵️ pic.twitter.com/NKxHekC0ny— Bored Ape Yacht Club (@BoredApeYC) September 9, 2021
Yuga Labs also auctioned off a 101 NFT collection from its side project Bored Ape Kennel Club on the same day, with a winning bid of $1.83 million at a price of $18,150 per NFT. The price was within Sotheby’s estimate of $1.5 million to $2 million, and it outperformed the OpenSea floor price of 3.09 ETH or $10.700.
The BAYC was launched on April 30 by Delaware-based Yuga Labs and has since become a highly popular and sought-after project. NBA star Steph Curry jumped in late last month, paying 55 ETH ($191,000) for a Bored Ape NFT. On September 6, metaverse gaming firm The Sandbox purchased a Bored Ape for a record price of 740 ETH ($2.57 million).
Sandbox’s NFT features a golden ape with laser eyes and a sea captain’s hat. The company revealed plans to port BAYC NFTs into its metaverse as playable avatars in a blog post on September 8.
“Within our gaming virtual world, the Avatar collections find additional utility for their NFT holders. They will be able to turn 2D collectible image NFTs into 3D playable avatars that are animated, can run, jump, socialize, play games, and interact with their other peer Avatars in The Sandbox thanks to NFT interoperability,” according to the blog post.
According to OpenSea data, NFT sales volume on the secondary market cooled down in September, with top projects such as CryptoPunks, Art Blocks, and BAYC all experiencing 85 percent, 82 percent, and 69 percent declines in seven-day volume, respectively.
Only one of the top 20 NFT projects has seen an increase in seven-day volume, with Vine co-founder Dom Hofmann’s Loot (for Adventures) NFTs seeing an 8.42 percent increase.
Dune Analytics data also shows that NFT floor prices have been falling recently, falling from 1.02 ETH on August 30 to around 0.40 ETH on September 9. This, however, does not necessarily indicate a bearish trend for the NFT sector, as the price can be influenced by new projects entering the market at lower prices.