This NFT Just Sold For $3.4M, Why? Find Out.

For those not fully up on NFTs, basically the industry has exploded. In addition to under the radar NFT markets, notable auction houses are now capitalizing on the action. Sotheby’s, a famous global auction house, established in 1744, is based on their site, “the world’s largest, most trusted and dynamic marketplace for art and luxury.” And now, they have launched a whole marketplace dedicated exclusively to NFTs. Sotheby’s announced it on Oct 15.

The New Sotheby’s Metaverse

Now with their marketplace fully up and running, Sotheby’s Metaverse sold a rare NFT from the Bored Ape Yacht Club for $3.4 million USD, a record-breaking amount. A trait that makes this piece rare is its gold fur, making it a collectible. These NFTs are status symbols. Looking back, they will represent the beginning of NFTs and crypto trading. It will be interesting to see where it goes from here.

So why did the crypto investor purchase this piece, at that price?

The buyer, also known as rhincodon on the market, and Brandon Buchanan in person, told HYPEBEAST this in an exclusive interview.”I had been looking for a gold ape for the last couple of months, and there are not a lot for sale — only 46… And the ones that are listed typically sell for 1,000 ETH plus, and so give or take, wherever the price of ETH is at a given moment, you’re already talking $3 million USD plus.”

He went on to tell them, “I think Bored Ape Yacht Club is a little bit misunderstood to the people who are uninitiated and just see them as a JPEG image. Even the people who think it’s just a private society, it’s really not that either.”

The Future Of NFTs

The investor sees the potential in NFTs. He can foresee opportunities for passionate community building within the sector. Those who are in this verse are looking for even better and more creative ways to connect. One way this is already done is through the Bored Ape Yacht Club. The club’s NFT owners get a membership-only benefits card. This allows for real-world in-person meetups, and that is just brushing the surface.

Featured image via Twitter.