The NFT world is currently dominated by a few iconic collections, with CryptoPunks and the Bored Ape Yacht Club (BAYC) NFTs topping the charts.
CryptoPunks, the first Non-Fungible Token (NFT) collection has seen an incremental increase in its floor price which topped $100,000 in Ethereum (ETH) for the first time in two months. While the broader digital currency market slump has impacted the NFT world in no small measure, the upsurge recorded in the price of CryptoPunks was fueled by two mega sales recorded in the collection last week.
The first CryptoPunks sale was for the piece with #4464 which sold for 2,500 ETH last Tuesday, or just over $2.6 million. This mega deal was succeeded by another sale of CryptoPunk #4156 which changed hands for 2,691 ETH or approximately $3.3 million. Both of these NFTs are some of the rarest of the 10,000 NFTs in the CryptoPunks collection.
These two NFT sales undoubtedly propped up the price of CryptoPunks which according to NFT Price Floor data is pegged at 83.55 ETH or $126,436.215 based on the current trading price of Ethereum $1,591.51 at the time of writing.
By virtue of its growing floor price, the CryptoPunks Collection has regained its spot as the most valuable NFT collection amongst its peers in terms of sales volume over the past 30 days. The CryptoPunks collection has been able to maintain its relevance, even though other iconic and more affordable projects have been introduced as competitors in the past few years.
The Fight for Relevance between CryptoPunks and BAYC
The NFT world is currently dominated by a few iconic collections, with CryptoPunks and the Bored Ape Yacht Club (BAYC) NFTs topping the charts.
Both collections are arguably the most expensive of all with BAYC brandishing an equally high floor price of 93.9 ETH worth approximately $150k. While both NFT collections are now the intellectual property of Yuga Labs, CryptoPunks was created by Larva Labs, a startup that has now been acquired by the former.
Since the acquisition, Yuga Labs has set out an ambitious roadmap for both collections as the others within its umbrella including Mutant Ape Yacht Club and Meebits, all of which will feature in the Otherside metaverse project.
While there is no clear picture of the exact engagement of what the Otherside metaverse will offer, it is notably very well subscribed considering the massive sales of the passport to the project Otherdeeds. The entire project now also has a native token ApeCoin (APE), designed to power the economics of the Bored Ape enterprise.
In a bid to prepare for the future, Yuga Labs has had to migrate from the Ethereum protocol to Polygon, a move that may be rescinded when The Merge – which will usher in the Proof-of-Stake model for Ethereum – eventually launches on the mainnet.
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