The upcoming auction at Sotheby’s on June 18 will feature a carefully curated selection of Bored Ape Yacht Club-centric Ethereum NFTs from Yuga Labs. This auction is not only a commercial event but also a way to measure the fine art community’s interest and the long-term value of Ape-themed digital assets.
One of the highlighted pieces in the auction is Ape #8552, a Bored Ape Yacht Club profile picture (PFP) NFT distinguished by a leather work vest and sushi chef headband. This particular Ape stands out due to its unique features, such as its solid-gold fur and its previous ownership by the now-bankrupt Three Arrows Capital. The exceptional qualities of Ape #8552 contribute to its attractiveness to potential buyers.
In addition to Ape #8552, the auction will 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 trait. The scarcity of gold-furred Apes has consistently driven their market value higher, with the last sale of a gold-furred Ape reaching $933,000 in March. Sotheby’s has a history of success with gold-furred Ape NFTs, having facilitated a record-setting $3.4 million sale of a gold-furred Bored Ape in 2021.
While prices for ultra-rare Bored Apes remain high, the market for more common Bored Apes has experienced a significant decline. The floor price for Bored Apes has dropped from nearly $430,000 in April 2022 to $47,500 over the past year. This decrease reflects broader market trends and fluctuations in the value of Ethereum, the cryptocurrency used to purchase NFTs.
The upcoming auction at Sotheby’s holds significant importance for both the fine art and NFT communities. It will serve as an indicator of the staying power and market value of Bored Ape NFTs in response to changing market conditions. The inclusion of rare, gold-furred Apes and their historical connections to notable collectors like Three Arrows Capital adds an intriguing dimension to the auction. The results of the auction will be closely watched by collectors and investors, as they could influence future valuations and 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 art world. With valuable and rare pieces like Ape #8552 and gold-furred Mutant Apes up for bidding, the auction will not only test the market’s demand but also set a precedent for the future of NFT art sales. As the fine art community engages with these digital assets, the outcomes of the auction will provide valuable insights into the evolving dynamics of the NFT market and its integration into the broader art world.