The latest drop in the “Bored Ape” NFT series has exceeded the expectations of Sotheby’s, as bids cross above $19 million.
Sotheby’s is one of the world’s leading auction houses. This past year it made its foray into the crypto space through the ever-growing non-fungible token (NFT) craze. Though prior to its first NFT listing, the auction house accepted crypto for the first time for a Banksy piece.
Last week, Sotheby’s announced the sale of 202 Bored Ape NFTs from Yuga Labs. Two of those include the popular Bored Ape Yacht Club (BAYC) and Bored Ape Kennel Club (BAKC). At the time of writing, the Bored Ape Yacht Club 101 broke its estimated maximum auction value.
Initially, the auction listed BAYC 101 with an estimated worth of $12-$18 million. However, it broke through to $19 million after 44 bids. This piece still has three days on the market, so it could still continue up from here.
On the other hand, the Bored Ape Kennel Club 101 still has a ways to go. Its estimated value is lower than BAYC, but bidding has reached the $550,000 level after 36 bids. This NFT also has just over three days left on the market.
Nonetheless, these Yuga Labs NFTs continue their record-breaking sales. Last month a BAYC sold for over $1 million when a month prior the same collectible sold for around $330,000. That specific piece has a rare status due to its gold skin and laser eyes.
Sotheby’s NFT ascent
Sotheby’s auction house only jumped into the NFT craze this summer. However, since then it has listed a great number of digital collectibles from big names both in the crypto industry and out.
In June the auction house sold one of the most prized collections, the CryptoPunks. CryptoPunks #7523 sold at Sotheby’s for over $11 million. Also sold via Sotheby’s was the original code for the internet in NFT form. The World Wide Web source code NFT sold for $5.43 million at auction.
In addition to internet legends, Sotheby’s auctioned a Jay-Z NFT earlier in the summer. The NFT sold for $139,000 and commemorated the artist’s 25th anniversary of his studio album, ‘Reasonable Doubt.’
Now that the auction house accepts crypto payments and has high-profile NFT auctions under its belt, there’s no turning back. Especially as this asset class becomes more mainstream and continues to expand into every facet of the traditional market.