Bored Ape Yacht Club’s ‘Golden Key’ NFT sells for $1.6 million
Yuga Labs and Bored Ape Yacht Club’s ‘Golden Key Sewer Pass’ is less than a month old, but it’s already found a new home thanks to an ambitious buyer this week. One of the more rare 7-figure NFT purchases these days, the acquisition of the ‘Golden Key’ came at a hefty price tag of 1000 ETH.
Looking back, will the move signal another major turning point in web3 culture and gaming?
Let’s dive into the details of the one-for-one NFT purchase.
If it sparkles, it’s gold
We first highlighted the story of the “Golden Key” when we covered the Yuga Labs game “Dookey Dash” in late January. The Yuga Labs title required a Bored Ape (or Mutant Ape) Yacht Club NFT to purchase a “Sewer Pass” to play (although secondary markets did their thing, commanding 2-3ETH), and many pro and semi-pro esports players were (and have been) offered “booster” services to help more casual players get a better score.
At the time, professional esports player Mongraal – who had long been a tier 1 pro in Fortnite’s EU region – was racking up insane results in the Dookey Dash game. When the first period ended in February, Mongraal had the highest recorded score – and was the rightful winner of the golden key.
Over the past couple of weeks, native NFT collectors have submitted various bids for what is widely considered to be the first true “one of one” Yuga Labs NFT. However, the winning bidder was NFT collector Adam Weitsman with a bid of 1,000 ETH – worth roughly $1.6 million at the time of the sale. The sale reinforces many people’s continued faith in Yuga Labs – both from the buying and selling parties. Both Mongraal’s skill and commitment to the game for several weeks, and Weitsman’s financial value placed on NFT – there is clearly plenty of bullish perspective still in the NFT space.
Esports professional Mongraal sold his Yuga Labs 'Golden Key' NFT for 1,000 ETH this week. | Source: ETH-USD on TradingView.com
The golden key: how it measures up
Mongraal confirmed the sale of the key in a tweet on Monday and you can find the OpenSea link HERE to view the NFT and its transaction log.
I have agreed to sell the key for 1000 ETH more @AdamWeitsman. Super nice guy and thrilled the sale went through with him.
A special thank you @yugalabs to host an incredible competition. I look forward to competing in future events. Royalties will be paid in full.
1/2— Mongraal (@Mongraal) 27 February 2023
The sale represents what could signal a major turning point in gaming – although it may take some time to digest. Epic Games – the creator and owner of Fortnite – has been slowly scaling back payouts from Fortnite competitions; if Yuga Labs and other web3 mainstays can develop a GameFi ecosystem that rewards players, it could draw eyes and ears from players (and spectators) of current traditional competitive titles.
Don’t expect CS:GO to go anywhere anytime soon. But small steps can make up bigger waves – and there are plenty of fish pushing for small but meaningful steps in this space.
