Two of the most popular non-fungible token projects are CryptoPunks and Bored Ape Yacht Club. While Punks are considered the “OG,” Bored Apes have been rising in value steadily in 2021 and gaining a loyal fan following. A changing of the guard may have occurred Tuesday.
What Happened: Launched in 2017, CryptoPunks were one of the first Ethereum (CRYPTO: ETH) NFT collections released. The collection from Larva Labs has soared in value with the rising value and attention investors and collectors have put on NFTs.
What’s added to the value of CryptoPunks value could be the fact that hundreds of the 10,000 collection could be gone forever, owned by wallets that people can no longer access.
Bored Ape Yacht Club minted in April 2021 and took several days to sell out at a mint price of 0.08 ETH. The collection began gaining steam and rising since its sell out and is now one of the best-known NFT projects.
Celebrities and athletes have been buying up Bored Apes and changing their profile pictures on Twitter Inc (NYSE:TWTR) to feature their Apes. Fewer profile pictures feature CryptoPunks on Twitter and other social media platforms.
A common debate in the NFT community is whether the value of Bored Apes would ever pass Punks, as it became a new “blue chip” versus old “blue chip” debate.
Related Link: Celebrities That Own Bored Ape Yacht Club NFTs
The Flippening: On Tuesday, the floor price of Bored Apes rose above CryptoPunks for the first time. The trend looks like it could continue going forward with Apes now the more coveted NFT project. CryptoPunk #3628 sold for 52 ETH Tuesday, which was below the floor price for Bored Ape Yacht Club.
At the time of writing, the floor price on Bored Ape Yacht Club is 52.35 ETH. Recent sale prices in the last 24 hours for Apes include 52.69 ETH, 54.2 ETH, 53 ETH, 66 ETH, 53.98 ETH, 52 ETH, 64 ETH and 199 ETH.
The floor price on CryptoPunks is 52.69 ETH at the time of writing. Sales of CryptoPunks in the last 24 hours include 59.75 ETH, 54.85 ETH, 59.5 ETH, 53 ETH, 79 ETH, 59.89 ETH, 54.95 ETH, 51.96 ETH and 52 ETH.
CryptoPunks rank second in all-time NFT sales volume at $1.8 billion, according to CryptoSlam. Bored Apes rank fourth in all-time sales volume of $900.4 million.
There are many reasons why Bored Apes could be more valuable than CryptoPunks. Bored Apes rewarded holders with two additional projects called Bored Ape Kennel Club and Mutant Ape Yacht Club.
Ape holders were also rewarded with in-person events in New York recently, including an exclusive concert.
Larva Labs signed a talent agency with UTA earlier this year, but has so far been silent on what that means for Punk holders in terms of monetization opportunities.
With more people choosing to change their profile picture to Apes and seeing more rewards for holding that NFT, Apes could continue to have the higher value and demand compared to Punks.