Sotheby’s is gearing up for an auction on June 18 that will feature a specially curated selection of Bored Ape Yacht Club-centric Ethereum NFTs from Yuga Labs. The main purpose of this auction is to gauge the interest of the fine art community in Ape-themed digital assets and assess their lasting value in the market. One of the most anticipated highlights of the auction is Ape #8552, a Bored Ape Yacht Club (BAYC) profile picture (PFP) NFT that boasts unique features such as a leather work vest and a sushi chef headband. This Ape also stands out due to its rare solid-gold fur and its previous ownership by the now-bankrupt Three Arrows Capital (3AC).
Apart from Ape #8552, the auction will also include two gold-furred NFTs from Yuga Labs’ Mutant Ape Yacht Club collection. Gold-furred Apes are considered extremely rare, as only 46 out of the 10,000 Bored Apes minted possess this unique trait. The rarity of gold-furred Apes has consistently driven their market value higher, with the last gold-furred Ape selling for a staggering $933,000 (247 ETH) back in March. It is worth noting that nine out of the 12 highest Bored Ape sales on OpenSea have involved gold-furred Apes, showcasing the premium placed on these rare digital assets.
Michael Bouhanna, Sotheby’s head of digital art and NFTs, has hailed Bored Apes as “2021 relics,” underscoring their historical importance within the NFT market. Notably, 3AC paid a hefty sum of 106 ETH (approximately $401,000 by today’s standards) for their collection of Ape and Kennel Club NFTs in July 2021. While ultra-rare Bored Apes continue to command high prices, the market for more common Bored Apes has experienced a significant decline over the past year. The floor price for Bored Apes has plummeted from nearly $430,000 in April 2022 to $47,500 (12.6 ETH), reflecting broader market trends and the fluctuating value of Ethereum.
The upcoming auction at Sotheby’s represents a pivotal moment for both the fine art and NFT communities. It will serve as a litmus test for the enduring appeal and market value of Bored Ape NFTs amidst changing market conditions. The inclusion of rare, gold-furred Apes with ties to prominent collectors like 3AC adds an intriguing layer to the auction. Collectors and investors will be closely monitoring the results, as they could have a significant impact on future valuations and shape the overall perception of NFT art within the fine art world.
Sotheby’s auction of Bored Ape Yacht Club-centric NFTs on June 18 is poised to be a landmark event in the world of digital art sales. With coveted pieces like Ape #8552 and gold-furred Mutant Apes up for grabs, the auction will provide valuable insights into the market demand for these unique assets and set a precedent for the future of NFT art sales. As the fine art community engages with these digital creations, we can expect to witness the evolving dynamics of the NFT market and its increasingly prominent role in the broader art world.
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