Are Cartoon Monkeys Worth USD 24 Million? These Apes Think So
Leading auction house Sotheby’s recently closed an auction of 101 Bored Ape Yacht Club (BAYC) NFTs for $24.4 million.
A second bundle of 101 Bored Ape Kennel Club NFTs were later sold for $1.8 million.
The NFTs are part of a bigger collection by Yuga Labs featuring computer-generated apes with unique facial expressions and fashion styles.
The sales set a new record for NFT auctions by Sotheby’s.
NFTs are tokens on a blockchain that establishes provenance. Their value is derived from the underlying asset (e.g. a piece of digital art). The tokens act as unique certificates of authenticity and ownership.
However, doubts remain over the value of NFTs with critics describing their popularity as another Tulip Mania.
Bread’s view? Understand the technology behind NFTs and realise that its applications go beyond colourful pictures of monkeys.
Image Credit: Sotheby’s