Quick Take:
- Bored Ape Yacht Club (BAYC) NFTs’ base price briefly flips CryptoPunks amid the NFT race.
- The minimum price for buying a BAYC NFT briefly rose to 53.9 ETH (roughly $213,450) on OpenSea.
- At the time, CryptoPunks floor price had fallen to a 4-month low of 52.69 Ether (roughly $208,650).
The base price of Bored Ape Yacht Club (BAYC) NFTs on Wednesday spiked, briefly surpassing CryptoPunks floor price amid the relentless NFT race. BAYC NFTs dominated headlines last week after one of the limited 10,000 NFTs on offer sold for $3,000 instead of the intended $300,000.
However, on Dec. 22, the minimum price for buying a BAYC NFT spiked temporarily to 53.9 ETH (roughly $213,450) on the OpenSea marketplace, surpassing CryptoPunks’ equivalent, which had surprisingly fallen to a 4-month low of 52.69 Ether (roughly $208,650).
As a result, NFT bargain hunters stepped in to rally the CryptoPunks NFTs floor price to 53.83 ETH ($213,000) while Bored Ape Yacht Club’s equivalent slipped to auction at 52.2 Ether ($206,700).
Recently, Bored Ape Yacht Club NFTs floor price has been rising whereas CryptoPunks has been falling. Therefore, Wednesday’s brief flip could be a sign of things to come. Notably, BAYC NFTs are relatively new compared to their counterparts.
BAYC launched in April 2021 while CryptoPunks has been around since 2017. The NFT price rises depending on rarity. BAYC’s third rarest gold fur Ape BAYC #8817 sold for a record $3.4 million at Sotheby’s auction, while the CryptoPunk #7523 NFT, one of 9 Alien punks, went for $11.8 million on the same platform.
Both NFT projects are based on the Ethereum blockchain. However, experts think that the contradicting movement in their floor prices could have something to do with IP rights. Speaking to The Block, NFT expert and Coin Gecko co-founder, pointed to BAYC’s generous IP rights compared to CryptoPunks. “Some people are not happy that Larva Labs is not assigning more rights,” he said.
Ideally, CryptoPunks NFT owners cannot use their NFTs for commercial purposes, while BAYC NFT owners have IP rights.
Ong also added that Bored Ape Yacht Club NFTs have benefited from a recent influx of celebrities including Jimmy Fallon, Steph Curry, and Post Malone.
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