Sotheby’s upcoming auction on June 18 will showcase a curated selection of Bored Ape Yacht Club-centric Ethereum NFTs from Yuga Labs. The highlight of the auction is Ape #8552, a Bored Ape Yacht Club (BAYC) profile picture (PFP) NFT adorned with a leather work vest and sushi chef headband. This particular Ape stands out due to its rare characteristics, such as solid-gold fur and its previous ownership by the now-bankrupt Three Arrows Capital (3AC). In addition to Ape #8552, the auction will also feature two gold-furred NFTs from Yuga Labs’ Mutant Ape Yacht Club collection, further adding to its allure.
Gold-furred Apes are known for their rarity, with only 46 out of the 10,000 Bored Apes minted featuring this trait. The scarcity of gold-furred Apes has consistently driven their value higher in the market. Recent sales have seen gold-furred Apes fetching impressive amounts, with the last one selling for $933,000 (247 ETH) in March. Notably, nine of the 12 highest Bored Ape sales tracked by OpenSea have involved gold-furred Apes, demonstrating their appeal to collectors and investors alike.
Michael Bouhanna, Sotheby’s head of digital art and NFTs, has described Bored Apes as “2021 relics,” highlighting their importance in the NFT market. The NFT researcher Punk9059 noted that 3AC paid a significant amount for their collection of Ape and Kennel Club NFTs in July 2021, further underscoring the value placed on these digital assets. However, while prices for ultra-rare Bored Apes remain high, the market for more common Bored Apes has experienced a notable decline. The floor price for Bored Apes has plummeted from nearly $430,000 in April 2022 to $47,500 (12.6 ETH) over the past year, reflecting wider market trends and Ethereum’s price fluctuations.
Sotheby’s auction on June 18 is poised to be a crucial event for both the fine art and NFT communities. It will serve as a barometer for the market’s interest in and valuation of Bored Ape NFTs in light of changing market conditions. The inclusion of rare, gold-furred Apes with ties to notable collectors like 3AC adds a layer of intrigue to the auction. Collectors and investors will be closely monitoring the results, as they could shape future valuations and perceptions of NFT art within the fine art world. The auction will not only test the market’s demand but also set a precedent for the future of NFT art sales, offering insights into the evolving dynamics of the NFT market and its integration into the broader art world.
Leave a Reply