CryptoPunks NFT Price Takes Over Bored Apes For First Time In 5 Months. The world of NFTs faced a rather surprising situation last weekend. On Sunday morning, the minimum value of the CryptoPunks collection briefly exceeded Bored Ape Yacht Club (BAYC) NFTs.
This event commands attention, as it is the very first time since March that NFT CryptoPunks have managed to rise above the primate NFT collection that has become a symbol of celebrities today. While it is true that this is not a particularly high rise in value, it has nevertheless alerted members of the cryptocurrency and NFT community.
What are the origins of CryptoPunks?
To better understand the excitement surrounding this brief burst of CryptoPunks collection, it is necessary to know its history at first glance. CryptoPunks are among the collections that sparked the public craze for NFTs.
Created by Canadian developers Matt Hall and John Watkinson of Larva Labs in June 2017, this collection is based on the Ethereum blockchain. She contributed to the creation of the ERC-721 standard as well as the development of many other collections that succeeded it, including the NFT Bored Ape Yacht Club (BAYC) launched in April 2021.
These quickly caught the attention of celebrities who ended up appropriating the collection. They have become a prominent status symbol. Their value continued to grow, eventually surpassing that of the CryptoPunks towards the end of the year. A dominance that continued for almost every month of 2022.
The comeback of the NFT CryptoPunks collection
Although the value of the NFT BAYC collection has remained above that of the CryptoPunks for a long time, the trend is changing. Indeed, analytics have revealed that over the past week, NFT sales have been brought to quite a low level. According to Cryptoslam statistics, sales of the various collections were 18.75% lower compared to the previous week.
So while the BAYC collection is still top selling with nearly $15,087,189 million in sales, up 61.47% from last week. The NFT CryptoPunks collection has continued to edge closer to the Bored Ape Yacht Club level since June.
An approach that culminates with the brief surprise carried out by CryptoPunks against BAYC last Sunday. At that time, the floor of the NFT Cryptopunks collection was 66.45 ETH, while BAYC's cheapest NFT model was valued at 64.99 ETH. According to analysts, if this trend continues, CryptoPunks may soon regain the top spot and retain it this time around.
The reasons for this rise in value?
It is very important to clarify that the latest reversal in the NFT market is not the result of the rise in CryptoPunks values. On the contrary, it is rather a consequence of the downward movement that the crypto-currency market is currently experiencing globally. It was this crisis that caused the collapse of all digital asset values.
Also, it is not only the NFT BAYC collection that is suffering from the drop in values. The CryptoPunks collection has also lost value over the past 30 days, according to the NFT Price Floor. The Punks managed to briefly outperform the Monkeys because the latter simply lose their value faster. While the latter suffered a drop of 28%, the former instead lost around 16% of their value.
Apart from the bearish trend, there are several other reasons behind the momentum that the CryptoPunks collection has shown recently. Indeed, following the decline of the crypto market, many investors have chosen to turn to more established NFT collections and benefit from more stability such as CryptoPunks.
So while the NFT CryptoPunks collection saw a solid jump off its low value at the end of June, the NFT BAYC collection just held steady. It is therefore not surprising that in recent weeks the gap has narrowed between the two collections. This in turn led the market to the brief reversal seen last weekend.
What future for these collections?
The majority of experts believe that the two giant NFT collections will continue to compete for the top spot on the charts over the next few weeks. However, some in the crypto community on Twitter instead believe that the Bored Ape Yacht Club collection peaked with the launch of Otherside in April.
An event that had allowed him to reach a minimum value of $429,000. According to them, the future of the NFT CryptoPunks collection thus looks much brighter given that its number one rival is in full stagnation.
We are also entitled to wonder if The Merge will have a direct or even indirect impact on the price of the CryptoPunks collection given that it uses the Ethereum blockchain and that the date of September 14 could mark the history of the internet at ever.
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