The base value of the Cryptopunks non-fungible token (NFT) collection momentarily eclipsed the base value of the Bored Ape Yacht Club (BAYC) NFT collection on the 21st of August, 2022. When we were there, the Cryptopunks floor was 66.45 ether, but the lowest NFT BAYC was 64.99 ether. This difference was not a large amount, but it was there nonetheless.
By reversing BAYC's base value, Cryptopunks was able to swiftly reclaim the throne it held over the previous year.
According to the statistics provided by cryptoslam.io, the volume of sales of non-fungible tokens (NFT) did not fare well this week. Sales were 18.75% lower than the volume of sales recorded in the previous week. This week, the top sales were held by Bored Ape Yacht Club (BAYC), which had sales of $15,087,189 million, which is 61.47% greater than the previous week's sales.
PIC.TWITTER.COM/NOPRCN7VJA
— NICK TOMAINO (@NTMONEY) AUGUST 20, 2022
With a total of $4,517,133 in sales this week, Cryptopunks are the sixth largest collectible in terms of NFT sales; nevertheless, sales are 52.38% lower than they were the week before. In spite of the reduced sales volume experienced during the previous week, Cryptopunks were briefly successful in overtaking BAYC in terms of base value.
At 13:45 Eastern Standard Time (EST) on August 21, the base value of Cryptopunks was 66.45 ether, which was equivalent to $107,866 USD. At that time, one BAYC was worth 64.99 ETH, which was equivalent to $105.623 USD. The head-to-head competition had been going on for the better part of the day, and in the afternoon, BAYC made its way back upstairs to continue the activity.
When we last checked in on the basic value of the NFT on July 26, 2022, it had significantly shifted since that time. At that time, the top floor value of BAYC was 82 ether. This was because it was the BAYC that day with the lowest price. Due to the fact that the base value on July 26 was 73.95 ETH, NFT Cryptopunks came in at the number two spot for the day. According to data obtained from archive.org, BAYC has been maintaining its week-to-week lows over the past few months.
The head-to-head competition that is taking place today comes after Yuga Labs released the intellectual property rights for its Cryptopunks and Meebits games the previous week. Because of the new licence, owners of Cryptopunks and Meebits are now authorised to use their NFTs for either personal or professional endeavours. Galaxy Digital's study suggests that licences covering NFT BAYC, MAYC, and BAKC contain important inconsistencies. The company's NFT BAYC also has licences for NFT owners; however, Galaxy Digital's research says that these licences contain inconsistencies.
On August 21, 2021, Cryptopunks made a temporary change to the basic value of BAYC; however, on December 22, 2021, the value was restored to its original state. When we last checked, the lowest value for BAYC was 53.9 ETH, while the lowest value for Cryptopunk was 52.69 ETH. However, in terms of being a top floor value, it has retained its dominance ever since BAYC flipped Cryptopunks toward the end of the year before last. The NFT PROOF Collective has, with the exception of a few instances, only momentarily switched BAYC.
After a little setback on Sunday afternoon, BAYC was able to reclaim its position as the leader of the pack. As of 4 p.m. Eastern Standard Time (EST), the BAYC floor had reached 68.48 ETH, while the Cryptopunks floor had reached 66.45 ETH. At the time of writing, the market valuation of BAYC was approximately $1.11 billion, whereas the market valuation of Cryptopunks is currently approximately $1.07 billion. At 17:30, the floor price at BAYC was 68.48 ETH, while the floor price at Cryptopunks was 66.45 ETH.
What are your thoughts on the possibility that Cryptopunks will momentarily flip the BAYC base on August 21, 2022? Do you believe the head-to-head competition will last for a significant amount of time? Share with us in the comments section below what you consider to be the most important aspects of this topic.
