BAYC Acquires CryptoPunks And Meebits: Is The PFP NFT Coming To End?
Yuga Labs, BAYC’s parent business, said on March 12 that it had purchased the CryptoPunks and Meebits NFT collections’ IP from Larva Labs and would shortly provide CryptoPunks and Meebits holders the same commercial rights as BAYC and MAYC holders. Following the announcement, Meebits’ floor price increased by 60% to 6.5 ETH, while CryptoPunks’ floor price increased by 11.3 percent to 74.79 ETH.
Our expertise has always been in building things early in the life of technology, and our personalities and skills are not well suited to community management, public relations, and the day-to-day management that such initiatives require and merit, according to Larvalabs. and show them the way in this new, bigger world.
However, this is not a Larva Labs purchase, the Autoglyphs project and “a group of our favorite Punks and Meebs” remain
BAYC, a newcomer to the industry, emerged in 2021 as a newcomer to the industry because of its focus on branding, ecology, and expansion, and is considered somewhat like the ethereum of the NFT industry. CryptoPunks, a milestone in the NFT industry, was released in 2017 and was the first successful NFT project that has been compared to Bitcoin in the cryptocurrency space, while BAYC emerged in 2021 as a newcomer to the industry because of its focus This is why some people are referring to it as the ethereum of NFT, with a dash of Litecoin tossed in for good measure.
The NFT series was first published in 2017 with a bug in the original smart contract, prompting Larva Labs to discard the earlier version (v1) and re-release the NFT. To the community’s chagrin, the Larva Labs creative team profited from the sale of dozens of v1 Punks. Larva Labs eventually had to apologize to the community.
Furthermore, Larva Labs adopted the NFT License (NFT License), which was originally drafted by Dapper Labs and contains numerous restrictions on use and commercial use, which has been a source of criticism. Holders of Bored Apes, on the other hand, are free to use their images for whatever they want, including merchandise, metaverse, and branding.
This is why BAYC’s acquisition highlights that holders of CryptoPunks and Meebits will soon have the same commercial rights as holders of BAYC and MAYC.
Bored Ape Yacht Club is raising money at a $5 billion value with a16z, and it’s possible that some $APE Tokens were sold to VC investors. RDM 41, a BAYC member, later explained that the $5 billion valuation refers to Yuga Labs (parent business equity) rather than Ape Token. The openness of BAYC and the endless growth of its limits make it a baseline for a really new era of NFT, with various kinds of games and the most talked-about Token release in the world being planned (previously officially predicted for Q1 2022).
The purchase of PUNKS by BAYC, on the other hand, aroused concerns about over-concentration in the business. BAYC now holds the first, second, fourth, and sixth positions in the NFT market capitalisation. The value of BAYC alone could be worth half the industry. The overwhelming exclusivity of BAYC and OpenSea in the fledgling NFT business threatens to stifle innovation. OpenSea’s present market capitalization is near to NFT’s whole market capitalisation, which is definitely not a regular occurrence.
It’s also worth mentioning that it hasn’t gotten much attention in the NFT community, and the heat generated isn’t particularly high. From a different angle, this demonstrates the NFT market’s recent winterization and bearishness.
PUNKS and BAYC’s avatar-based NFT wave appears to have come to an end
The bottom line is that avatar-based NFT (PFP) has a limited use and isn’t even a demand. Despite the fact that Twitter, INS, FB, and other companies have stated that they wish to create a strong link between avatars and NFT, and Twitter has even set up a unique mechanism to make avatar NFT recognized, the market response has been lukewarm, with few users. After the celebrity-driven fad of avatar NFT, it has yet to catch the public’s attention. Ordinary people cannot and do not want to join in head NFT such as BAYC PUNKS because it is expensive, and social media rights make it more like a game for the wealthy.
The industry can see two tendencies in the future: how to “de-aristocratize” PFP NFT so that it can penetrate the general public; and how NFT can advance in two larger and broader tracks of credentials and games to meet the enormous demand beyond avatar applications.
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