A lot of 101 Bored Ape Yacht Club (BAYC) NFTs sold for $24.4 million yesterday in an auction held by Sotheby’s. The lot also included six Mutant Ape serums which will enable the holder to generate new Mutants from their existing collection. A second lot of 101 Bored Ape Kennel Club (BAKC) netted another $1.8 million for NFT project creator Yuga labs. BAKC is the companion dog collection to the BAYC that was released earlier this year.
Outperforming Expectations
The auction house expected the Ape lot to go for $12 – $18 million. That means the hammer price was double the low end of the range and a third higher than the high end. The dogs fell right in the expected range of $1.5 – $2 million with a gavel price of $1.83 million. This is a useful market signal showing that the genesis collection was valued 13 times higher than the companion collection. The average Ape was about $242,000 compared to the average Shibu Enu at $18,000.
It would be interesting to see if the Mutant Ape collection would fetch at the same level as the Dogs or higher. The best bet right now is that it will only be slightly higher. BAYC yesterday had a floor price of 39 ETH compared to just over 5.04 ETH for MAYC and 3.93 ETH for BAKC. That means BAKC was about 10% of the BAYC genesis while MAYC was around 13%. Of course, the floor for BAKC is down a full ETH today maybe because that 13x spread in the auction suggested it that 10x on OpenSea might have been overvalued.
NFT Royalty
BAYC has solidified its position at NFT Royalty with this auction. The price tag per Ape was about 81% over the floor that day and the total dollar value. Although the price per ape is much less than the price of Cryptopunks that have gone to auction, it is the highest total price so far for an NFT collection in the personal profile picture (PFP) category. In addition, BAYC has a dedicated team adding to the project each month so we can expect more in the future. Next up for BAYC is the auction of four suited apes by Christie’s later this week.
