Yesterday we saw the floor price of the Bored Ape Yacht Club (BAYC) collection NFTs surpass that of the famous Crypto Punks for the first time.
The Flippening
Data from OpenSea shows that yesterday, the floor price of the BAYC NFT collection was at 54 ETH, while the floor price of an NFT from the CryptoPunk collection was 52.8 ETH.
In other words, we saw the very first turnaround in the world of NFTs, where the most expensive collection was officially the Bored Ape Yacht Club.
Here’s Why
Commenting on the matter was Bobby Ong, the Co-Founder, and COO of CoinGecko, who outlined three reasons for which he believes this happened.
First, he said that BAYC has generous intellectual property (intellectual property) rights compared to the Punks. Indeed, the owners of BAYC NFT receive certain IP rights associated with the tokens. They’re using those rights to create a blockchain-based game, and they’ve teamed up with Animoca Brands to do it.
The second reason is pretty straightforward – plenty of celebrities have shown support for the project. FT superstar Stephen Curry purchased a Bored Ape NFT for $180K back in August, and he is just one of the famous people who’ve been involved.
Last but not least, Ong mentions that BAYC, unlike Crypto Punks, has “teased a token to go with the NFT”. The announcement came from BAYC in October this year and said they were considering the first quarter of 2022 for launch.
