Bored Ape Yacht Club (BAYC) Flips CryptoPunks Floor Price, But Only Briefly
For the first time, the floor price of Bored Ape Yacht Club (BAYC) NFTs has flipped that of CryptoPunks.
The flippining happened on Wednesday when the lowest price at which BAYC was available for sale went to 53.9 ETH, while the floor price of a CryptoPunk NFT was 52.69 ETH.
Both BAYC and CryptoPunks NFTs have a fixed collection of 10,000 unique digital collectibles on the Ethereum blockchain. However, CryptoPunks are the OG NFTs launched in 2017, while BAYC came into the market only this April.
When it comes to the expensiveness, the highest a BAYC has been sold was a gold fur ape BAYC #8817 for $3.4 million, while an Alien CryptoPunk #7523 was sold for a record $11.8 million. Both were sold at a Sotheby’s auction.
Interestingly, while the floor price of CryptoPunks has been on a constant decline, BAYC NFTs have been seeing a steady increase in their value.
Being bullish punks vs apes kind of like DeFi vs dog coins. Expecting mainstream to buy things already pumped by crypto natives just because OGs did instead of more culturally relevant brands/narratives
— Andrew Kang (@Rewkang) December 22, 2021
Unlike CryptoPunk NFT owners, however, who do not get the right to use their NFTs for commercial purposes, BAYC NFT creator Yuga Labs allows its holders the IP rights. Some of the BAYC holders are now using their rights to create a blockchain-based game with the Hong Kong-based software firm Animoca Brands.
Larva Labs, the company behind CryptoPunks, has also signed a deal with Hollywood agency UTA to use the image of punks in mainstream media.
Meanwhile, the BAYC team is also planning to release its native token next year, further helping it gain traction.
Back in October, the BAYC team took to Twitter to share that while it is “stupid easy” to launch a token, and in mere minutes, what is more, complicated is to “construct a legally compliant token and set it up in a responsible, sustainable way.”
The team also cited other concerns like utility, governance, owner benefits, and audience reach that makes the token launch tricky and needs to be addressed, for which they are working with a legal team.