The upcoming auction at Sotheby’s on June 18, featuring a curated selection of Bored Ape Yacht Club-centric Ethereum NFTs from Yuga Labs, comes at a crucial time for the NFT market. The auction aims to not only gauge the fine art community’s interest but also to determine the lasting value of Ape-themed digital assets. However, it is important to note that the market for more common Bored Apes has seen a significant decline in recent times. The floor price for Bored Apes has dropped from nearly $430,000 in April 2022 to $47,500 (12.6 ETH) over the past year. This decline reflects broader market trends and fluctuations in Ethereum’s value, indicating a shift in investor sentiment towards these digital assets.
One of the highlights 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. The rarity and unique characteristics of Ape #8552, such as its solid-gold fur and its previous ownership by the now-bankrupt Three Arrows Capital (3AC), add to its appeal. Additionally, the auction includes two gold-furred NFTs from Yuga Labs’ Mutant Ape Yacht Club collection. Gold-furred Apes are extremely rare, with only 46 of the 10,000 Bored Apes minted featuring this trait. The rarity of gold-furred Apes has consistently driven their value higher in the market, with the last gold-furred Ape selling for $933,000 (247 ETH) in March. Sotheby’s has previously facilitated a record-setting $3.4 million sale of a gold-furred Bored Ape in 2021, showcasing the high value placed on these unique digital assets.
Michael Bouhanna, Sotheby’s head of digital art and NFTs, has referred to Bored Apes as “2021 relics,” emphasizing their historical significance in the NFT market. The NFT researcher known as Punk9059 highlighted that 3AC paid 106 ETH (approximately $401,000 by today’s prices) for their collection of Ape and Kennel Club NFTs in July 2021. The inclusion of rare, gold-furred Apes and their historical connections to notable collectors like 3AC adds an intriguing dimension to the upcoming auction. The results of the auction will be closely watched by collectors and investors, as they could influence future valuations and shape the overall perception of NFT art within the fine art world.
The auction at Sotheby’s on June 18 is expected to be a landmark event that will test the market’s demand for Bored Ape NFTs and set a precedent for the future of NFT art sales. With valuable pieces like Ape #8552 and gold-furred Mutant Apes up for auction, the outcomes will provide valuable insights into the evolving dynamics of the NFT market and its integration into the broader art world. The auction serves as a crucial indicator of the staying power and market value of Bored Ape NFTs amid changing market conditions, highlighting the need for investors and collectors to adapt to the evolving landscape of digital art.