516 Interactions, 6 Today
Yesterday, the NFT initiative sold 10,000 Mutant Apes for 3 ETH each. They now trade for twice as much.
Bored Ape Yacht Club collected $96 million in a single hour in a public sale of 10,000 Mutant Apes on Saturday night, then airdropped a further 10,000 vials of mutant serum that allowed existing holders of the Ethereum-based NFT to mint new apes for free.
Bored Ape Yacht Club, which debuted in April 2021, was originally made up of 10,000 randomly created NFTs. Each has unique features, such as wearing tweed suits while others smoke. The idea is akin to CryptoPunks, which has 10,000 computer-generated avatars that appear similar to empty and are considerably more expensive.
Holders of Bored Ape tokens received one of three serums by airdrop: M1, M2, or Mega Mutant (M3). When a Bored Ape is injected with M1 or M2 serum, the ensuing Mutant Ape preserves the original ape’s characteristics. The M3 serum transforms an ape into something altogether different, with potentially rarer—and thus more valuable—traits.
The airdrop was a terrific deal for Bored Ape holders because it allowed them to preserve their initial NFT while also minting a valuable additional token.
The Mutant Apes, claimed either for free by the holders or bought for 3 ETH in the public sale, now sell for a minimum of 7 ETH ($22,400) each. The Mutant Apes have generated about $88.4 million in trading volume since they launched, according to data from NFT marketplace OpenSea.
Bored Ape owners (including NBA star Stephen Curry as of yesterday) frequently use their ape as their Twitter profile image to advertise their membership in the club. Curry paid $180,000 for his ape.
Bored Apes are the fifth-most successful crypto-collectible project of all time. According to data from CryptoSlam, the apes have generated $354 million in sales. The asking price for the cheapest (non-mutant) Bored Ape is now 25 ETH ($80,000).
Bored Ape holders were airdropped a companion dog NFT from the Bored Ape Kennel Club collection earlier this month. On August 10, a package of a Bored Ape and its dog sold for $1 million.
Sotheby’s will auction off a collection of Bored Apes on September 2. While the auction will provide tremendous public awareness for the project, not everyone is pleased with the sale:
“Why are we selling our JPEGs via Sotheby’s and Christie’s who take a 25% cut?” Meltem Demirors of CoinShares tweeted last night. “We need to stop looking to old school institutions for validation.”