- Advertisement -

Rutgers Business School financial technology professor Dr. Merav Ozair expressed neither shock nor displeasure nor confusion at Sotheby’s auction of 101 lots JPEGs of Cartoonish Apes for $24.4 Million.


“This is a historic moment,” she said. “Maybe this particular NFT will increase in value since it was the first.”

- Advertisement -

Or at least one of these collections of profile-pic-style NFTs. producer of Bored Ape Yacht Club The app used an algorithmic program, mixing and matching images of different fur colors and fur patterns, outfits and accessories, to create 10,000 unique images varying in rarity.

When it launched in the spring, users could spend one of those digital images – as of Tuesday evening prices – on the cryptocurrency Ethereum for about $270, then a very active Discord just for bored app owners. Gaining access to the chat room. Since that mining, the NFT secondary marketplace open sea Bored reports about $543 million in app sales.

“I think Bored Ape Yacht Club came into existence at a very useful time in the NFT timeline,” said Nick Emmons, CEO and co-founder of the NFT valuation company. Result.

RELATED: Atari Builds Line of Digital Sneakers for Virtual Worlds

Emmons noticed that his platform’s analytics product estimated the sale price of a lot of apes to within $900,000—a far more accurate estimate than Sotheby’s, with the ape auction house estimated at more than $6 million. sell.

“Those who copy it and create it later may not be as unique,” Ozair said.

And many people have tried and will continue to use the same type of algorithmic program to create collections of all kinds of animals, characters, and objects. Emmons expects many of them to be useless, but others will at least reach the evaluations we now see for bored apes, as we are increasingly looking to profile-picture NFTs for identification of apes. As a part of we take advantage of the digital world where we spend more and more of our time.

“And as the metaverse itself grows, so will their value [profile picture] projects,” he said.

“This is a new generation,” said Ozair, “a new innovation.”

RELATED: Precious Burgundy Bottles and NFT Art on Auction