Bored Ape Yacht Club NFT Floors Surpass CryptoPunks

According to OpenSea, the cheapest Bored Ape NFT currently on sale is priced at 53.9 ETH ($215,067), while the lowest asking price on CryptoPunk is 52.69 ETH, currently worth $210,239.

For a month now, people have been speculating about the possibility of Bored Ape flipping CryptoPunks conveniently at the NFT floor price. Earlier this week, Cointelegraph did an in-depth look at potential factors that could affect the value of one collection over another. Regardless of the owner's preference for intellectual property or specific partnerships, the driving force behind any NFT project (whether "blue chip" or not) is its community.

It's important to remember some notable differences between the two collections. Larva Labs, the team behind CryptoPunks, was one of the first to create an NFT in 2017. The project has historical value and has long dominated the market in terms of transaction volume. It's also very brand-centric. CryptoPunks owners cannot use their avatars for marketing, business or branding purposes, only the company can. Recently, Larva Labs and Hollywood agency UTA signed a deal to use CryptoPunks images in mainstream media.

On the other hand, Yuga Labs, the creators of Bored Ape Yacht Club, is very community-centric and focused on practicality. From its ongoing collaborations, such as the latest with Adidas Originals, to its increasing adoption by mainstream media and celebrities, the Bored Apes is growing in attention and appeal, as are the prices of its collections . Furthermore, since Yuga Labs granted full intellectual property rights to Ape owners from the beginning, Ape owners have full creative and commercial licenses over their assets.

The floor price of BAYC NFT surpassed that of CryptoPunks for the first time, which shows that the public sentiment towards the future of BAYC is bullish. Over the past few months, BAYC's floor price has been steadily rising, while CryptoPunks' floor price has been steadily falling.

Bored Ape Yacht Club also plans to launch its own token in the first quarter of 2022, according to an October announcement.

As in any dynamic market, competition can be healthy. And RTFKT Studios is quickly catching up with BAYC and CryptoPunks in popularity. At the time of writing, RTFKT Studios' Clone X, a collaboration with artist Takashi Murakami, is the second most traded on OpenSea.

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