NFTs of cartoon apes sell for $24.4 million at Sotheby's auction

The NFT collection is called the Bored Apes Yacht Club.

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There's no monkeying around as far as NFT art mania is concerned. Get this: A collection of 101 NFT apes sold for a total of $24.4 million at an online sale at Sotheby's on Thursday, the auction house said.

The collection of cartoon images is part of the Bored Ape Yacht Club, which is a set of 10,000 computer-generated cartoon images of apes sporting a mix of clothing and facial expressions. The collection was created by a Delaware-based company known as Yuga Labs, which launched the Bored Ape Yacht Club, which is stored on the Ethereum blockchain, on April 30.

The value of this sale is among the largest for NFTs. In March, a piece by the artist Beeple was auctioned off as an NFT at Christie's for $69.3 million. 

An NFT, which stands for nonfungible token, offers a blockchain-created certificate of authenticity for digital collectibles such as the Bored Ape pieces sold Thursday or for seemingly unassuming digital assets like tweets or memes. The frenzied interest has created a digital market that saw $250 million in sales in 2020, with NFTs reaching new levels of hype from Visa, Warner Music Group and Nike.