From Zero Hedge
“Sotheby’s . . . reported this morning that a bundle of 101 NFTs from Bored Ape Yacht Club just sold . . . for $24.4 million. A second bundle of 101 Bored Ape Kennel Club NFTs sold for $1.8 million. The Verge first reported the insane transaction, which many have speculated is nothing more than money laundering by bored Ethereum holders.”
Here’s part of what fetched $24.4 million:
Has the world gone COMPLETELY NUTS?
More from ZH:
“That auction puts the ape sale among the biggest in the NFT space. A bundle of nine CryptoPunks, one of the earliest NFT projects, sold for $16.9 million in May. And Beeple sold a collage of his works as an NFT for $69 million in March when the NFT craze was just getting started.
“While it’s hard to directly compare all of these sales (there are 101 items in today’s auctions versus one in Beeple’s), the purchases show that the appetite for NFT art isn’t dying down, and they suggest that buyers think there’ll be high resale value as the market continues to grow. It is also supportive of Ethereum prices which . . . lagged in recent days even as Solana, dubbed the “Ethereum killer” has soared.”
This nonsense puts Tulip Mania and John Law’s Mississippi Bubble in the shade. But it’s EXACTLY how markets behave when they’ve arrived at the point of ALL-PERVASIVE MANIA.
Right! People lose their minds!
Tudor Place 