NFT “Bored Ape” sells for $24.4M in Sotheby’s online auction

The Non Fungible Token representing cartoons, called the “Bored Ape”, was sold for $24.4M in Sotheby’s online auction house. And did you know that there are over 107 NFTs showing different cartoon characters in this collection and all of them are a huge sell? Let’s take a look at what made them so special.

About the “Bored Ape”

The images or cartoon representations are part of the Bored Ape Yacht Club(BAYC) collection of NFTs. It is a set of over 10K digital cartoon apes, made exclusively by Yuga Labs. And Yuga labs is a US-based company. Moreover, the buyers or owners of these versions of apes later become valued members of the club. Another fact about the BAYC is the token doubles as the membership in the club. Also, people who buy any image from the BAYC receive those particular images’ intellectual property rights. And most often, they are used as profile pictures on different social media platforms.

NBA Legend Stephen Curry Pays Big Bucks For Ethereum Bored Ape Yacht Club NFT | Benzinga
Image source:- Benzinga

Humorously, the recently sold lot contains 101 of these apes. Some have different features, expressions; some have different items of clothing and accessories. Additionally, you can also create new mutants out of those. The bored ape isn’t boring anymore. It just gets more interesting. Isn’t it?

Michael Bouhanna, the art specialist in Sotheby’s, says that the NFT market is not a bubble. And yes, it’s true we have not seen such a trend over digital art ever before 2021. Let’s dig a little deeper about NFTs here.

A little about NFT and how it works

cryptocurrency: The status and future of NFTs and crypto art in India - The Economic Times
Image source:- The Economic Times

If you are already a blockchain fanatic, then you already know what NFTs are. But for others, an NFT is a digital asset that uses blockchain technology to record who owns digital images, GIFs, videos, and many more. Once someone creates a digital asset, it goes for auction, and the highest bidder buys it and owns it. It is the same as any offline auction, but the best part about NFT is its online presence. And that feeling of ownership will be a major FOMO for most of the NFT enthusiasts out there.

Even while writing the article, my phone keeps popping with tweets regarding different kinds of NFTs out there. The trend of creating, selling, buying NFTs is getting bigger every second. These digital assets are grabbing a huge market value in today’s era. And with this pace, people will start showing more interest in blockchain technology, which will be epic for the Industrial Revolution 4.0.

So what do you think about the “Bored Ape”? How much would you bid if it was in your hands? Let us know in the comment section below. And if you find this piece of content useful, then do like and share. Also, check out some of our other news on cryptocurrencies and NFTs.

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