Crypto Beginner

CryptoPunks edge past BAYC amid a slide in NFT prices

CryptoPunks

With the floor price of CryptoPunks NFTs currently higher than that of Bored Ape Yacht Club (BAYC) NFTs, it appears that the Punks are winning over the Apes in the race to dominate the NFT marketplace, albeit temporarily. Floor prices are the lowest price for which an individual NFT is available for sale.

Both CryptoPunks and BAYC are major players in the NFT space, vying for the top slot since BAYC’s entry into the marketplace. CryptoPunks held the title of most valuable PFP collection from 2019 until the end of 2021 when BAYC overtook them.

At publishing time, CryptoPunk’s floor price is at 71.30 ETH, while BAYC is at 63.10 ETH, according to Dune Analytics.

How CryptoPunks Overtook BAYC

Since touching a high in November 2021, the crypto industry has been experiencing a downward spiral, which affected coins of every size and shape. The NFT industry took the biggest hit after ETH prices dropped from $4,000 to $1,600, hurting Ethereum-based NFTs as most NFTs are part of the Ethereum blockchain.

In the case of BAYC, its NFT collection has dominated the market space since its inception. However, the recent fall in floor prices is the result of BendDAO proposing emergency liquidation amid the credit crisis. While CryptoPunks are currently not available on the NFT lending protocol, BAYC NFTs are still on BendDAO.

While these two rivals battle it out against each other too, crypto investors would do well to note that Yuga Labs, the company behind BAYC, acquired the intellectual property of CryptoPunks in March this year.

FAQs

How much is a Cryptopunk worth now?

As of my last knowledge update in January 2022, I don’t have real-time information on the current prices of Cryptopunk. The value of Cryptopunk, like other non-fungible tokens (NFTs), can be highly volatile and is subject to change based on market demand and trends.

Cryptopunks are a collection of 10,000 unique, algorithmically generated 24×24 pixel art characters on the Ethereum blockchain. Each Cryptopunk has its distinct features, making some rarer and potentially more valuable than others.

Are CryptoPunks worth anything?

Yes, CryptoPunks are worth a significant amount in the world of non-fungible tokens (NFTs). CryptoPunks are a collection of 10,000 unique 24×24 pixel art characters that were algorithmically generated and stored on the Ethereum blockchain. Each CryptoPunk has its own distinct features, making some rarer and more valuable than others.

Why CryptoPunk is so expensive?

It’s important to note that the value of NFTs, including CryptoPunks, is subjective and can be influenced by market trends, buyer sentiment, and cultural factors. The NFT market is dynamic, and prices can fluctuate based on various factors. The reasons mentioned above collectively contribute to the perceived value and high prices associated with CryptoPunks in the NFT space.

What is the most expensive NFT ever sold?

As of our last knowledge update in January 2022, the most expensive NFT (Non-Fungible Token) ever sold was a digital artwork titled “Everyday: The First 5000 Days” by the artist Beeple (Mike Winkelmann). This NFT was sold at a Christie’s auction for $69.3 million in March 2021.

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