Here’s why a Bored Ape Mega Mutant Serum sold for $5.8M

Key Takeaways

• A Mega Serum (M3) NFT from the Mutant Ape Yacht Club has fetched close to $6M on OpenSea
• Deepak Thapliyal, the CEO of Chain bought the NFT after a bidding war with Meta4 Capital

YEREVAN (CoinChapter.com) – Another Mega Mutant Serum from the Bored Ape Yacht Club (BAYC) creators Yuga Labs has fetched millions. The rare NFT Serum #69 went for a whopping 1,542.069 ETH ($5.8 million), OpenSea data confirms.

Serum #69 was purchased for 1542.069 ETH
https://t.co/7rgdFcpmLf

— boredapebot (@boredapebot) January 2, 2022

Days back, the same Mega Mutant Serum NFT had sold for 999 WETH ($3.77 million). In just four days, the former owner managed to make a profit of over $2 million on the nonfungible token.

Deepak Thapliyal, the CEO of Chain bought the NFT after a bidding war with Andreessen Horowitz-backed Meta4 Capital.

We have submitted a bid of 1500Ξ to @cryptobeaker for the Mega Mutant Serum.

— Meta4 Capital (@Meta4Capital) January 2, 2022

Collectibles from the Ape Family are highly sought after by collectors. These comprise high-end NFTs, including the famous Bored Ape Yacht Club (BAYC), the Mutant Ape Yacht Club (MAYC), and the Bored Ape Kennel Club. 

The Mega Mutant Serum is from the Bored Ape Chemistry Club, also a part of the Ape Family. The collection includes 10,000 Mutant Serum NFTs airdropped to all Bored Ape NFT owners. The holders can then use the Serum to mutate their Ape. Several Mutant Apes are already sold in the market. All Serums expire upon use. 

According to a Twitter user, there are currently just 3 Mega Mutant or M3 serums that have not been used. This is because Yuga Labs had originally airdropped only 8 of them. The other more common serums include M1 and M2 types.

“It’s the biggest supply crunch the world has ever seen. Literally only 3 are left in existence,” 

one user claimed. 

Recommended: Collector buys BAYC NFT for $12K, sells it to Eminem for $452K

Why pay close to $6 million for Mega Mutant Serum? 

Thapliyal explained the reason behind his purchase through a Twitter post. Last month, the tech entrepreneur bought Bored Ape #9452 for 347 ETH or $1.42 million.

“After my purchase of a Bored Ape, I realized that this #BAYC movement is real. We are at an intersection of history being made and we can choose to ignore it and go one way or fully embrace it and go the other way,” 

the Chain CEO explained.

Why did I spend over $5.8M (1,542.069 #ETH) for the art?

Find out below 👇

(Not Investment Advice and Reflects My Personal Views Only) pic.twitter.com/njkeZHu3bj

— Deepak Thapliyal (@dt_chain) January 3, 2022

According to Thapliyal, there are two main reasons why he paid a premium on the NFT: Rarity and Adoptability.

Because of their popularity and demand, the Bored Ape NFTs have repeatedly flipped the CryptoPunks collection into a mega cultural movement.

“Adoptability is taking over. The #BAYC & #MAYC NFTs have taken the world by storm…These (the BAYC) and punks will go down in history as the #BTC & #ETH of NFTs,” 

he claims. 

According to Thapliyal, M3 Mutant Apes is the rarest NFT in the BAYC ecosystem since there are only 13 of them. Additionally, the M3 Serum can potentially unlock a gold or trippy Mutant Ape, which justifies the premium price. He has paid $7.2 million for Bored Ape and Mega Mutant Serum NFTs. 

“I have conviction that this is the future & that we are early (even still),” 

the blockchain entrepreneur reassures.

7/ So all-in-all my cost of this mutant will be around $7.2M (Bored Ape + the Serum), but I will not sell the M3 Ultra Rare Mutant Ape for anything less than 4206.9 ETH. I probably will never sell at all.

This should be the floor for any Mega Mutant, especially those w/ 💎👐

— Deepak Thapliyal (@dt_chain) January 3, 2022

Interestingly, should he decide to use his Serum to mutate his Bored Ape #9452, he will not let it go for less than 

4206.9 ETH ( around $16 million) should he decide to sell it at all.

We shall wait for that day.