The Bored Ape Yacht Club (BAYC) is one of 2021’s most successful non-fungible token (NFT) ventures. Mutant Ape Yacht Club, a spin-off of the project, is already reaping the rewards of being associated with it, with a volume of 276,700 Ethereum (ETH).
Due to the increased demand, a Mega Mutant Serum NFT at the Mutant Ape Yacht Club just sold for 888 ETH ($3.6 million). The NFT’s owner sold it to Taylor Gerring, the Ethereum Foundation’s co-founder and former Director of Technology. On a live stream yesterday, Gerring planned to use the Serum NFT to make his Mutant Ape Yacht Club NFT.
This transaction occurred after the Mutant Ape Yacht Club became the most tracked NFT project over the previous seven days, according to Cryptoslam data. According to reports, the project’s trade volume increased by 500 percent in the last week, reaching $70.9 million on the secondary market.
The average price of a Mutant Ape increased from about 8 ETH (about $32,000) on December 21 to 12.3 ETH (approximately $50,520) on December 28 over this time. The floor price, or the cost of the cheapest NFT in the Mutant Ape Yacht Club project, is currently up over 40% to 10.97 ETH (about $41,882).
The Mutant Ape Yacht Club, unlike BAYC, has 20,000 Mutant Apes that can only be formed by exposing an existing Bored Ape to a vial of MUTANT SERUM or by minting a Mutant Ape in the public sale.
Yuga Labs kicked off the endeavour by dropping 10,000 Mutant Apes in August. In an hour, the project generated nearly $96 million in ETH. The makers also gave each of the 10,000 existing Bored Ape Yacht Club NFT holders a free Mutant Serum NFT when the game first launched. They were able to develop a new Mutant Ape that resembled the original character it mutated from thanks to this serum.
These serums were available in a variety of rarity levels, with the Mega Mutant (M3) Serum being the most rare. According to reports, Yuga Labs only produced eight M3 Serum NFTs. One of the four remaining unused M3 serums was the NFT Gerring acquired for 888 ETH.
This comes as the NFT market continues to soar to new heights. According to data from Dune Analytics, the top NFT platform Opensea has already achieved a trade volume of more than 3 billion dollars in December.
The entire NFT market has recorded an estimated trading volume of over $22 billion year-to-date, with the third quarter of 2021 contributing nearly 50% of this volume after notching approximately $10.7 billion.