• Bored Ape NFT Sells Over $1 Million in Ether as Market Floor Rises

  • A boring ape yacht club NFT paired with a boring ape kennel club companion NFT sold for $1.16 million in ethereum on Sunday.

    The broader NFT market has spiked again recently, with rising reserve prices for top collectibles and a number of multi-million dollar CryptoPunks for sale.

    CryptoPunks are considered the gold standard for collectible NFT head sets, but it’s in the recent CryptoPunks-inspired NFT series that the Bored Ape Yacht Club has gained the most momentum recently. Over the weekend, Bored Ape achieved a new milestone with the set’s first NFT sale exceeding $1 million worth of Ether.

    A bundle consisting of the Bored Ape Yacht Club NFT and the accompanying Bored Ape Kennel Club NFT – which were given to the club’s owner as a giveaway – sold for 375 ETH on the OpenSea marketplace, or about $1.16 million at the time of purchase.

    This is being hailed as the first seven-figure sale of the popular NFT series, although the addition of a second NFT is a noteworthy caveat. On the one hand, it’s technically from a separate NFT series, making it a bundle sale rather than a single NFT sale. On the other hand, it is a companion NFT offered as a bonus to Bored Ape Yacht Club owners, rather than something originally sold separately.OpenSea recently introduced the ability to sell NFTs in bundles across multiple series.

    The Bored Ape Yacht Club NFTs launched in April and follow the CryptoPunks approach of offering 10,000 unique collectible avatars with random features and styles.The NFTs are like proof of ownership for a digital item, whether it’s an illustrated avatar like this, a packaged video clip like an NBA Top Shot moment, an interactive video game item, or any other digital project.

    The price of Bored Ape Yacht Club has risen on the secondary market amid a recent resurgence in NFT market activity. Over the past seven days, Ether-based NFTs have sold for an average of 19.8 ETH (~$61,250) at OpenSea, while the average price over the past 60 days has been closer to 7.6 ETH (~$23,500).

    As of today, the most affordable Bored Ape Yacht Club collection on OpenSea starts at 15 ETH (~$46,400). Just a week ago, the base price for these NFTs was 10 ETH.

    The Bored Ape Yacht Club is one of the most prominent NFT collections to launch this year, and it’s riding high on the recent bullish overall NFT market sentiment. Even current and retired NFL players such as Brandon Stokley, Tyler Polumbus and Brandon McManus – all Super Bowl champions for the Denver Broncos – are notable Bored Ape NFT holders. Christie’s will auction the Bored Ape as well as CryptoPunks and Meebits NFTs next month.

    Still, these rising prices are far below those of CryptoPunks, one of the earliest NFT projects, created in 2017.CryptoPunks have seen a surge in value so far in 2021, especially recently, and according to Larva Labs’ own tracker, the current reserve price for NFTs hovers at around $150,000 ETH. cryptoPunks’ floor price just hit $100,000 for the first time last week.

    There have been several multimillion-dollar CryptoPunks NFT sales in recent weeks, including one for $5.4 million in ETH and another purchased by investor and NFT entrepreneur Gary Vaynerchuk for $3.7 million in ETH. Last week, a CryptoPunk last purchased for just $443 in 2018 sold for 1,500 ETH, or nearly $4.4 million.

    The recent uptick in NFT market activity, particularly for Ether-based collectibles such as Bored Ape Yacht Club and CryptoPunks, coincides with the recent rise in prices across the cryptocurrency market. Ether is up 46% in the last 30 days, while Bitcoin is up nearly 34%.

    Last week’s upgrade to Ether’s London hard fork network, which changed the way it calculates transaction fees and then “burns” or removes them from circulation, is seen as a potential reason for ETH’s larger recent gains. In less than a week, some 22,750 ETH have been burned, or about $70.3 million worth.

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