Bored Ape Yacht Club Flips CryptoPunks
Bored Ape Yacht Club gradually rises above the CryptoPunks collection at the NFT market.
The floor price of Bored Ape Yacht Club NFTs surpassed CryptoPunks for the first time, The Block reported. The cheapest Bored Ape Yacht Club token costs 53,9 ETH, whereas the floor price of a CryptoPunk NFT is 52,69 ETH. Why is this significant?
The CryptoPunks collection was released by Larva Labs back in 2017 and was at the root of the NFT boom. For a long time, the collection held the palm in many ways, for example, CryptoPunk #7523 was sold for a record $11,8 million at the auction house Sotheby’s.
The Bored Ape Yacht Club collection appeared in April 2021. The most expensive NFT BAYC #8817 also went under the hammer at Sotheby’s for $3,4 million.
Since October 2021, the floor price of CryptoPunks has fallen steadily, while the similar indicator of BAYC NFTs has increased. Analysts at The Block cite several factors that influence the situation:
- Intellectual property rights. CryptoPunks’ owners are extremely limited in their ability to dispose of their assets, while Bored Ape Yacht Club assumes the ability to use images for commercial purposes.
- Support for Bored Ape Yacht Club from celebrities including host Jimmy Fallon, basketball player Steph Curry, rappers Post Malone and Snoop Dogg.
- The BAYC team is also expected to release its token in 2022.
According to NonFungible, there have been 87 CryptoPunk token sales in the last seven days, with the average transaction amount slightly exceeding $315,000. Tokens from the collection are stored in 114 hot wallets. 601 transactions were recorded with tokens from the Bored Ape Yacht Club collection during the same period. The average transaction amount is ~$52,000, and tokens are stored in 933 active wallets.