Going Once, Going Twice, Sold! How NFTs Are Changing The Auction Industry

Introduction

The ascent of non-fungible tokens (NFTs) has altered how computerized resources are traded. NFTs are special computerized resources that are checked on a blockchain and can be exchanged very much like some other resource. This innovation has prompted the making of probably the most costly and sought-after computerized collectibles on the planet, including the renowned CryptoKitties and the Beeple work of art that sold for a record-breaking $69 million. One of the latest and most popular NFT collections is the “Bored Ape Yacht Club” which features digital images of apes.

NFT Monkeys: A New Craze

The latest NFT craze is the “NFT Monkeys,” a collection of 10,000 unique digital images of cartoon monkeys. Each NFT Monkey is one-of-a-kind and has its own traits, such as eye color, hats, and backgrounds. The collection was created by a group of anonymous developers known as “The Monkey Gang” and was released in August 2021. The nft monkeys have taken the NFT market by storm, with some selling for as much as $1.5 million.

monkey nft price on the Rise

The NFT Monkey craze has led to a surge in prices, with some NFT Monkeys selling for millions of dollars. The highest price paid for an NFT Monkey as of September 2021 is $1.5 million, while the lowest price is around $20,000. The Monkey Gang has also released a few special edition NFT Monkeys, such as the “Golden Ape” and the “Zombie Ape,” which are selling for even higher prices.

NFT Auctions: A New Era for Collectibles

The NFT market has created a new era for the collectibles industry, with auctions becoming a popular way to sell high-value NFTs. The first major NFT auction was held by Christie’s in March 2021, where Beeple’s artwork “Everydays: The First 5000 Days” was sold for $69 million. Since then, many other NFT auctions have taken place, including the sale of the Bored Ape Yacht Club NFTs for millions of dollars.

The auction process for NFTs is similar to traditional auctions, with bidders placing bids until the highest bidder wins the auction. The main difference is that NFTs are verified on a blockchain, which ensures their authenticity and uniqueness. This also means that the ownership of an NFT can be easily transferred to the buyer after the auction.

The Future of NFT Auctions

The popularity of NFTs and their high prices have led to a growing interest in NFT auctions. Many traditional auction houses, such as Sotheby’s and Phillips, have started to offer NFTs for sale, while others have launched their own NFT platforms. The NFT market is still in its beginning phases, and it is not yet clear the way in which it will advance from now on. However, it is clear that NFTs are here to stay and are changing the way we think about digital art and collectibles.

Conclusion

The NFT Monkeys are the latest craze in the NFT market, with some selling for millions of dollars. The popularity of NFTs has led to a new era for the collectibles industry, with auctions becoming a popular way to sell high-value NFTs. The future of NFT auctions is still uncertain, but it is clear that NFTs are changing the way we think about digital assets and collectibles. As the NFT market continues to evolve, it will be interesting to see how it impacts the wider art world and the auction industry as a whole.

Source: By Noor

Going Once, Going Twice, Sold! How NFTs Are Changing The Auction Industry – TechBullion

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