CryptoPunk Ethereum NFTs flip Apes for the first time in five months.

Aug 23, 2022 at 10:51 am
By NFT Premier

For the first time in five months Bored Ape Yacht Club (BAYC) have been overtaken by the long established CryptoPunks in floor price. The largest Ethereum NFT projects are now owned by Yuga Labs.

CryptoPunk Ethereum NFTs flip Apes for the first time in five months.

For a brief moment on Sunday, veteran NFT collection CryptoPunk Ethereum NFTs flipped the celebrity-coveted Bored Ape Yacht Club in floor prices for the first time in five months.

Bored Apes quickly regained the top spot it has held since the turn of the year. The project released in April 2021, toppled CryptoPunks in December as the most valuable NFT collection. CryptoPunks have been closing on Bored Ape Yacht Club since June, and if the trend continues, may soon retake the lead.

CryptoPunks was created by Larva Labs in June 2017. The Ethereum-based NFT collection is widely credited with sparking the NFT craze, inspiring ERC-721 standard for NFT projects that followed including Bored Ape Yacht Club.

Bored Ape has captured the attention of various A-list celebrities and is considered a blue chip asset. Justin Bieber, Eminem, Madonna, Jimmy Fallon and Seth Green are some of the prominent Ape holders.

The key difference between the collections was their approach to commercialization. While Ape owners are free to use their assets in commercial projects, Punks holders are not allowed to use their assets outside. This led to backlash in the community against IP owners Larva Labs, even prompting a holder to sell their CryptoPunk in protest.

In March, CryptoPunks was bought by Bored Ape Yacht Club creators Yuga Labs. The new owners have given away IP rights to owners who can now freely use their Punks for commercial purposes. In August, American jewelry house Tiffany&Co launched a pendant collection exclusive to CryptoPunk owners.

At the time of writing, Bored Ape Yacht Club has a floor price of 67 ETH and CryptoPunks is a close second with a floor price of 66.45 ETH. The recent crypto market crash also brought down the NFT market, with both collections dropping significantly.

In the past week BAYC price fell 33% – hitting an all-time low, compared to CryptoPunk Ethereum NFTs who fell by 24%. Both collections are trading way below their all-time highs.