Yuga Labs NFT collection generates $16.5m

More than 3,000 bidders battled it out for the Bored Ape Yacht Club brand’s new collection.

Yuga Labs’ Bitcoin (BTC) NFT collection has generated $16.5m from a recent auction.

The company behind Bored Ape Yacht Club auctioned off a 300-edition generative art project, with 12 digital assets being held back for contributors, future donations, and philanthropic efforts.

NFTs were awarded to the top 288 successful bidders, with the top bid reaching 7.1159 BTC, just under $160,000, while the lowest accepted bid was 2.2501 BTC, just over $50,000

According to Yuga Labs, there were 3,246 bidders in total generating 735.7 BTC, worth around $16.5m.

Michael Figge, co-founder of NFT studio WENEW and the artist behind the collection, said in a tweet he was inspired by the relationship between time, mathematics and the blockchain.

“Like crypto, the collection isn't so much linear but cyclical, with four different color palettes progressing throughout: winter, spring, summer, autumn. It's a nod to being optimistic whether we're in a crypto winter or a defi summer”, he wrote.

The 288 NFTs minted will be inscribed onto Satoshi’s on the BTC blockchain and buyers will need to supply a self-custodial wallet that contains BTC and an empty BTC address to receive the art.

Yuga Labs has specified the collection will not have any future utility or interact with any other of its Ethereum-based projects.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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