Bored Ape Yacht Club non-fungible token (NFT) project recorded a record sale on Wednesday.
While the CryptoPunk NFT collection has been getting most of the coverage lately, the Bored Ape Yacht Club (BAYC) project is picking up steam in the market. On Wednesday, Bored Ape Yacht Club #3749 was sold for 400 ETH on OpenSea. Based on the price of Ethereum at the time of sale, the total paid was $1.29 million. A new record for the Bored Ape Yacht Club collection. The NFT, one of just 69 in the series, was bought by OpenSea user Boothy. The collector also purchased Bored Ape Yacht Club #9507 for $175,140 on Monday.
10,000 Bored Ape Yacht Club NFTs were minted with each possessing unique traits and characteristics. What makes #3749 particularly desirable is a combination of features that add to its rarity and collectability. For example, #3749 is one of just 3% of Apes that sport a black t-shirt, one of 3% with a sea captain’s hat, and one of 4% with a grin on its face. The pièce de résistance of the NFT is that it is one of just 69 that has laser eyes and one of just 46 that has solid gold fur.
BAYC #3749 was sold on July 16 for 318,771, meaning that the seller banked more than a million dollars in less than a month on their NFT investment.
Ape rarity is determined by unique features
According to Rarity Tools, a service that ranks NFTs based on rarity, Ape #3749 is the 27th out of the 100,000 minted. For reference, the rarest Ape according to Rarity Tools is #7495 based on the combination of rare features including crucifix earrings and robot eyes. #7495 has yet to be resold, but current offers are in the $30,000 range. Rarity Tools even goes so far as to set a ‘price’ for each trait on the NFTs.
A dagger in the mouth, for example, adds more than 70 ETH to the value of any Ape lucky enough to feature one. Other differences like the background color, fur color, and even how many traits each NFT has. The traits were all randomly generated using an algorithm designed by Yugo Labs.
The Bored Ape Yacht Club collection launched in April 2021 with a minting price of between $200 and $300 depending on gas fees.