NFT Metaverse platform The Sandbox buys BAYC NFT for record $2.42m

Company purchased the artwork for 740 ETH, saying it was "a perfect example of why NFTs are the intersection of scarcity, art, and gaming"

Virtual gaming platform The Sandbox has purchased a Bored Ape Yacht Club NFT for a record sale of $2.42m (740 ETH).

In a Twitter thread explaining the reasons behind the purchase, the platform expanded on its belief in the NFT metaverse, saying: “We strongly believe that culture, whether games, music, visual arts, will be one of the pillars of the open crypto #metaverse.”

It also added that The Sandbox was seeking to “invest and help build the ecosystem” alongside collecting NFTs.

The purchase – Bored Ape #3749 aka “The Captain” –  is one of the rarest and most sought-after BAYC NFTs available due to its gold fur, sea captain’s hat and laser eyes.

The Sandbox continued its thread by saying: “We truly believe in every NFT community project as the biggest creative revolution and changing culture including fashion, art, gaming, entertainment.”

Its impressive collection contains more than 350+ unique NFTs, which includes 31 BAYC NFTs alongside other leading projects such as Rumble Kong League and Pudgy Penguins NFTs. The company added that the estimated net worth of The Sandbox NFT Collection was 3,880 ETH ($13M USD) as of September 2021.

The Sandbox also hinted at plans to increase the size of its burgeoning NFT collection over time. Additionally, to spur community growth, the platform announced it will open an “NFT curator academy” to help “Land Owners” within The Sandbox to “build their own NFT galleries inside The Sandbox open #metaverse”.

The Sandbox is an open NFT Metaverse platform where users can create, play and monetise their creations on the blockchain. Users can buy “LAND” to access exclusive content and monetise their own portion of the Metaverse.

BAYC Sotheby’s auction exceeding expectations

The much-anticipated Sotheby’s auction of a collection of 101 BAYC NFTs has now exceeded its estimated value after a $19m bid was placed on the auction.

Initial estimates for the collection were placed at $12-18m, but due to the growing interest and demand for the “blue-chip” NFT collection, buyers are willing to pay over the odds to get their hands on the pieces.

With the auction ending on September 9 at 03:01 PM (BST), BAYC collectors and the entire NFT space will be eager to see what price it can reach when the auction closes.

Auction house Christie’s has also announced an NFT auction for Art Blocks Curated – a collection of NFT-based art. Starting on October 1 2021, the bidding for the lot will be conducted live using Ethereum (ETH) — a first for any leading auction house.

Two recent sales from the collection – Ringers #879 and Fidenza #313 – have fetched 1,800 ETH and 1,000 ETH respectively through OpenSea sales. Due to the value placed on the collection, buyers may expect to pay a premium for the lot at auction.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Previous Article

Latest Ethereum price and analysis (ETH to USD)

Next Article

Ukraine to develop legal crypto market

Read More Related articles