On September 2, Sotheby’s will sell over 200 non-fungible tokens (NFTs) related to BAYC and BAKC, marking the art broker’s third major NFT sale.
Sotheby’s, a British auction house, will auction 202 NFTs from the Bored Ape series — BAYC and BAKC. The NFTs will go on sale on September 2nd at 10:00 a.m. EDT. The auction will take place over the course of a week, ending on September 9.
Yuga Labs came up with the NFTs. The owners of the NFTs can give the apes serums in order to breed new apes. It’s similar to how other blockchain-based games breed their characters.
The “101 Bored Ape Yacht Club” and the “101 Bored Ape Kennel Club” are already listed on the website. They’re expected to sell for $12–18 million each and $1.5–2 million each.
Sotheby’s has extensive experience with NFTs and appears to have a strong understanding of the asset. In July, an NFT of musician Jay-Z was sold for $139,000 at the auction house. It also sold an NFT of the World Wide Web’s original source code for $5.4 million.
Sotheby’s interest in NFTs has expanded to include those produced within the crypto space as well as those produced outside of it. In June, a CryptoPunk named “Covid Alien” was sold for $11.7 million.
The NFT market is still thriving.
NFTs continue to pique the interest of those in the blockchain space as well as established brands and firms looking to get involved.
The assets are being used in a variety of industries, and those selling them are experiencing high demand. Rakuten, a Japanese e-commerce giant, has hinted at NFT development with a job posting, which is one of the most recent developments in the space.
NFT funding levels aren’t dwindling either. Three Arrows Capital, a Singapore-based fund manager, recently launched the Starry Night Capital NFT Fund, which is dedicated to collecting premium NFTs. In the near future, it may even open a physical space to go along with it.
In August, the OpenSea platform had a monthly trading volume of $1.5 billion, which is incredible given where NFTs were a year ago. Since its inception, this figure has accounted for more than half of all trading volume on OpenSea.
However, it isn’t without flaws. According to one study, the NFT industry exhibited some unfavorable characteristics. NFT security has also been a source of concern for some.