Sotheby’s Auctions 101 Bored Ape Yacht Club NFTs

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Sotheby's auctions off 101 Bored Ape Yacht Club NFTs, a bug on OpenSea has resulted in NFTs being accidentally burned, NFT platform “SZNS” raises $4 million, and Aave founder Stani Kulechov sells an NFT for 350 ETH.

Quick Take

  • Sotheby’s auctions off 101 Bored Ape Yacht Club NFTs for $24 million.
  • A bug on OpenSea has resulted in 42 NFTs being accidentally burned.
  • Aave founder Stani Kulechov sells an NFT for 350 ETH.
  • NFT platform “SZNS” raised $4 million.

Sotheby’s Bored Ape Auction Yields $24 Million

Sotheby’s, the world’s largest marketplace for art and luxury objects, has auctioned off 101 Bored Ape Yacht Club NFTs for $24.39 million, well above the estimated auction price. A separate auction for 101 Bored Ape Kennel Club NFTs also sold for $1.84 million. The Bored Ape Yacht Club NFTs sold well above the average price on secondary markets. The auction winner paid about $241,500 per NFT while the average sale price over the last seven days on OpenSea is just above 46 ETH, or nearly $164,000.

However, the Sotheby’s deal also included six “mutant serum” NFTs that can be used to create a new, additional Mutant Ape Yacht Club NFT when combined with an existing Bored Ape NFT. The average sale price for a Mutant Ape NFT on OpenSea over the last seven days is 5.75 ETH, or about $20,400. The Bored Ape Yacht Club launched in April of this year and rapidly became one of the most popular NFT collections. Earlier this week, the creators of The Sandbox, an upcoming Ethereum-based metaverse game, purchased a single Bored Ape NFT for a record $2.9 million.

NFTs Accidentally Burned With OpenSea Bug

A bug on OpenSea has resulted in at least 42 NFTs being accidentally burned. The issue was reportedly tied to the use of ENS names, which are easy-to-read names that point to Ethereum addresses. Nick Johnson, lead developer of ENS revealed the bug via a tweet on Tuesday, noting that a bug introduced to OpenSea’s transfer page in the past 24 hours accidentally burned NFTs being transferred to another wallet using an ENS name.

Johnson encountered the bug while transferring the first ENS name ever registered. He said that OpenSea’s interface failed to resolve the ENS name attached to his wallet, and instead populated the ‘to’ address with nonsense numbers, hence burning the NFT by sending it to a nonexistent address. According to data compiled about the bug on Github, 42 NFTs have been burned due to the bug, which are worth a total 28 ETH or roughly $100,000.

Other users affected by the bug have tweeted about the situation, asking OpenSea for a response and compensation. OpenSea acknowledged the bug saying that the bug was fixed on the same day it was introduced. Some affected users noted they have been contacted by OpenSea about the incident.

SZNS NFT Platform Raises $4M

NFT platform “SZNS” has announced a $4 million funding round led by Framework Ventures and Dragonfly Capital. SZNS allows users to create “albums,” which are collections of NFTs, that can be fractionalized as governance tokens. John Bisu, founder of SZNS, says the platform aims to be a more fluid vault that allows for an easy entry and exit of assets based on governance decisions. SZNS albums could also be used to collateralize NFTs and to vote on use of funds in the DeFi ecosystem. The governance tokens are fungible tokens and that will be listed on DEX’s such as SushiSwap, of which Sushi core contributor 0xMaki is an adviser to. The platform is set to launch on Sept. 30th with a series of preset albums focusing on CryptoPunks and Meebits.

Rocket Pool To Launch October 6th

Rocket Pool, a base layer protocol for staking in ETH2, has announced it will launch to mainnet on October 6th. The mainnet staking site will be open to the public, running from stake.rocketpool.net. Rocket Pool provides two ways for staking on ETH2. First, for users who want to stake without having to run a node, Rocket Pool provides liquid tokenized staking with rETH, a token that gains staking rewards over time.

Secondly, for stakers who want to become a node operator, Rocket Pool provides a docker stack for launching validators, monitoring, and interacting with smart contracts. Node operators of course earn a higher yield than tokenized stakers. Rocket Pool says the node operator stack is completely ready to go once installed. Rocket Pool will roll out in four stages over the course of a few weeks before being completely open. The project has also announced its Oracle DAO members, a decentralized network of special nodes in the protocol that operate as an on-chain DAO exclusively for Rocket Pool.

Stani Kulechov Sells NFT for $1.1 Million

Stani Kulechov, founder of DeFi platform Aave, has sold an NFT called “Yield” for 350 ETH, currently worth about $1.15 million. The sale is part of a social experiment to determine if the anonymous bidder will hold on to the NFT or sell it back to Kulechov in exchange for a yield. The buyer has until October 31st to decide if they will hold onto the NFT, perhaps to wait and see if it’s value rises to sell to another buyer, or decide to return it to Kulechov, receive all their funds back — along with a yield, being the lesser of 10% of the NFT’s value or 10 ETH.

The NFT itself shows balloon-like letters of the word “YIELD” that expand and contract. In the background are silver versions of Kulechov himself. Kulechov says the idea behind the experiment is to see whether the winner of the auction will go long on the artwork itself and not return it and value the artwork more than actually the transaction.