CryptoPunks Floor Price Flips BAYC For First Time In 5 Months
It won’t be long before we see the rise of one of Ethereum’s top NFT collections, the BAYC have had a good year, but the CryptoPunks may be getting a second wind.
For a brief, brilliant moment according to NFT Price Floor, the CryptoPunks flipped the Bored Ape Yacht Club on Sunday morning, with the floor price of the seasoned NFT collection surpassing that of the celebrity-coveted primates for the first time since March.
As with the previous brief flip, the Bored Apes immediately reclaimed first place, which they’ve effectively kept all year. Nonetheless, CryptoPunks has been creeping in on the Bored Ape Yacht Club since June, and if the trend continues, CryptoPunks may soon retake—and hold—the lead.
The Apes immediately gained celebrity notice, making ownership an A-List status symbol. By the conclusion of the year, the floor price for a BAYC NFT had inverted that of the CryptoPunks, giving them the upper hand for virtually the entire year of 2022. And, as creator Yuga Labs prepared to debut its Otherside metaverse, Bored Apes prices reached new highs in April, with a floor price of $429,000.
Even in the depths of the subsequent crypto winter, Madonna said that she was “hellbent” on purchasing one.
The CryptoPunks experienced a significant floor price increase at the end of June, but the Bored Apes basically maintained stability. The disparity has narrowed in recent weeks, leading to this morning’s brief flip.
Over the next few weeks, the two massive NFT collections are anticipated to alternate at the top of the charts. However, other crypto Twitter users believe that the Bored Ape Yacht Club peaked with the debut of Otherside in April, whereas the future of CryptoPunks may now have more upside given their history and the recent transfer of intellectual property rights.
Meanwhile, with this week’s record low Bored Ape price, some analysts are predicting forced liquidations of BAYC NFTs purchased with BenDAO loans. As many as 72 Bored Apes might be auctioned off in a short period of time, putting additional downward pressure on pricing.
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