Bored Ape NFTs Set for Sotheby’s Auction

A significant event in the digital art and cryptocurrency world is set to occur on June 18, as Sotheby’s prepares to auction off a specially curated batch of Ethereum NFTs centered around the Bored Ape Yacht Club, a project by Yuga Labs. This event is poised to test the enduring appeal of Ape-themed assets within the fine art community.

The auction features a highlight piece, Ape #8552, an NFT profile picture (PFP) that showcases a character dressed in a leather work vest and sporting a “sushi chef headband.” This Ape is particularly noteworthy not only for its aesthetic but also for its solid-gold fur, a rare trait that significantly elevates its value. Formerly owned by the now-defunct crypto hedge fund Three Arrows Capital (3AC), which fell victim to the market’s volatility in 2022, this NFT’s backstory adds an intriguing layer of history and speculation.

In addition to Ape #8552, the lot includes other notable pieces such as two gold-furred NFTs from Yuga’s Mutant Ape Yacht Club collection and a depiction of a dog from the Bored Ape Kennel Club line. The rarity of the golden fur is highlighted by the fact that out of 10,000 Apes, only 46 were minted with this trait. The most recent sale of a gold-furred Ape fetched a staggering $933,000 (or 247 ETH).

Historically, the prices of these NFTs have been influenced heavily by their traits and provenance. For example, the floor price for the least expensive Ape in the secondary market is currently around $48,000, but this pales in comparison to the prices commanded by the ultra-rare versions.

The auction also reflects the fluctuating dynamics of the NFT market. Despite a decline in the minimum price of more common Bored Apes since their peak in April 2022, the high value of rare items like those with gold fur continues to attract attention and investment. Last year, Sotheby’s facilitated a record-setting $3.4 million sale of another golden-furred Bored Ape, emphasizing the potential high stakes of this upcoming auction.

Adding to the narrative, NFT researcher Punk9059 has pointed out that 3AC originally invested heavily in these assets, paying what would amount to around $401,000 in today’s prices for the Apes and Kennel Club NFTs.

As the auction date approaches, industry watchers and potential buyers are keenly observing market trends and the broader implications of this sale on the valuation of NFTs as legitimate and enduring art forms. Sotheby’s, for its part, has not yet provided additional details about the auction, leaving some aspects shrouded in anticipation and mystery.