NFT Crisis: Cryptopunks briefly overtake Bored Ape Yacht Club

On Sunday, August 21, 2022, the floor value of Cryptopunks briefly exceeded the floor value of Bored Ape Yacht Club (BAYC). Although the difference is not huge, at that time, the Cryptopunks floor value was 66.45 ether, while BAYC’s cheapest NFT was 64.99 ether.

Cryptopunks reclaims the throne it held last year by flipping the floor value of BAYC

NFT sales aren’t doing too well this week, with an 18.75% drop from the previous week’s sales volume, according to statistics from cryptoslam.io. Bored Ape Yacht Club (BAYC) holds the top spot this week with $15,087,189 million in sales, 61.47% higher than last week.

While Cryptopunks is the sixth largest collection in terms of NFT sales this week with $4,517,133 this week, sales are 52.38% lower than the previous week. Despite last week’s drop in sales, Cryptopunks briefly managed to surpass BAYC in terms of floor value.

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On August 21, Cryptopunks’ floor value was $107,866. BAYC’s floor value dropped to $105,623 at that time. Head-to-head action continued for most of the day, and later in the afternoon, BAYC managed to regain the top floor.

The Cryptopunks and BAYC clash, while the Punks briefly overtake the Bored Apes.
NFT Cryptopunks briefly outperformed NFT Bored Ape Yacht Club’s floor value. BAYC managed to regain the top spot on Sunday afternoon.

The floor values of the NFT collection are very different from what they were 26 days ago, on July 26, 2022. At that time, BAYC had the highest floor value with 82 ether because it was the cheapest BAYC that day. Cryptopunks NFTs were in second place on that day, as the floor value was 73.95 ETH on July 26. In fact, archive.org’s statistics show that BAYC held the best floor value week after week for months.

Cryptopunks and BAYC floor values clash, while the Punks briefly outperform the Bored Apes.
The floor price chart of popular Block Crypto NFTs on August 21, 2022.

Today’s competition follows Yuga Labs’ release last week of the Cryptopunks and Meebits intellectual property licenses. These new licenses allow Cryptopunks and Meebits owners to use their NFTs for commercial or personal use. The company’s BAYC NFTs also have a license for NFT owners, but Galaxy Digital research says the license covering BAYC, MAYC and BAKC NFTs contains critical inconsistencies.

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While Cryptopunks temporarily flipped the floor value of BAYC on August 21, the reverse occurred on December 22, 2021. At that time, the floor value of BAYC was 53.9 ETH while the lowest value of Cryptopunk was 52.69 ETH. However, after BAYC returned Cryptopunks late last year, it maintained its dominance in terms of value. Except for a few occasions, the NFT PROOF Collective briefly outperformed BAYC.

After this brief turnaround early Sunday afternoon, BAYC managed to regain the top spot, BAYC’s low was 68.48 ETH while Cryptopunks’ low was 66.45 ETH. While BAYC’s market valuation at the time of writing this article is $1.11 billion, Cryptopunks’ market valuation is now around $1.07 billion.

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