Bored Ape Yacht Club NFTs Sold for $24 Million

Nearly all of the Bored Yacht Ape NFT Collection – a popular collection featuring cartoon drawings featuring more than 107 monkeys — has been sold.

The Monkey-Deal worth 24 Million Dollars

According to a recent tweet from Sotheby’s, the art merchant hosting the meme-inspiring NFT collection, 101 of 107 Bored Yacht Club NFTs have now sold for roughly $24.4 million. In the same way, 101 Bored Ape Kennel Club NFTs were sold for $1.8 million in their “Ape in!” sale. This is the largest ever sale of their ape NFTs.

The entire collection of NFTs was up for bidding at $19 million just days before was reported. Each NFT was mint this year and represents an ERC-721 token. Minted for 0.08ETH (now $281), each NFT can be purchased individually.

It is quite simple to create the collection. Each image shows the same monkey in the exact same position with different backgrounds, accessories and facial expressions.

Stephen Curry, the NBA’s superstar, purchased one of these apes and used it to promote the collection on Twitter.

Some Twitter users find the sale “embarassing”, or simply dumbfounded that images of such animals would be sold at such a high price. However, many others have expressed their joy for Sotheby’s sale. Many of such supportive commenters are using images of these apes in their own Twitter bios, calling this a “historical moment for the whole NFT space.”

The NFT Hype Continues

NFTs, despite the opposition of some, have shown the ability to attract people’s attention – and their funds – repeatedly.

Simple NFTs with random numbers on a black background started selling recently at a starting price of $6.5k. Simple images of rocks can be sold for more than $100K if they are presented as an NFT.

The question is still open as to whether the NFT craze of the moment is truly a cultural game-changer or a market bubble.

It is understandable, on the one hand that people will pay whatever price it takes to buy certain NFTs that are culturally famous, whether they are promoted by an influential figure or spread as a meme.

Others may simply be buying NFTs out of speculation about prices. Data suggests that wash-trading could exist within the NFT space to create the appearance of high demand for specific projects.

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