BAYC NFT prices shoot up by 18 per cent, after acquiring CryptoPunks, Meebits – The Indian Express

On March 11, when the Yuga Labs, creators of BAYC NFTs announced the acquisition, a single piece of BAYC NFT was being sold at $1,85,363 (roughly Rs 1.41 crores) or 73 Ethereum in cryptocurrency. However, after the announcement the price soared to 89 Ethereum which is $22,5991 (roughly Rs 1.72 crores), according to CoinGecko market cap tracker.

Yuga Labs now owns 423 CryptoPunks and 1711 Meebits. For the uninitiated, BAYC is a popular collection of 10,000 unique bored NFT apes created by Yuga Labs. It has generated more than $1 billion in total sales amid celebrities flocking into the NFT bandwagon.

Bored Apes and CryptoPunks NFT collections are the most sold NFTs. Both the collections hold a combined worth at a minimum of some $3.6 billion at current prices. “We’ve long admired CryptoPunks, and the work of the project’s founders, Matt & John. They’ve pushed NFTs and the broader crypto world forward, and we’re honored to carry the brands they’ve built into the future we’re building at Yuga,” a tweet from the Yuga Labs Twitter account reads.

Meanwhile, this acquisition does not mean that co-founders of CryptoPunks and Meebits are joining Yuga. They’re going to continue running Larva Labs and will keep doing what they are doing.

BAYC NFT is owned by famous celebrities, such as basketball icon Steph Curry, music artist Post Malone, and even American TV host Jimmy Fallon. More recently, rap artist Eminem is the latest to jump into the NFT craze with his first BAYC purchase that cost 123.45 Ether worth $452,000 (Rs 3.36 crore approx.).

Earlier, in December, someone mistakenly sold a BAYC NFT worth Rs 2.27 crore for Rs 2.27 lakh. The NFT sold for $3,000 was supposed to be listed for 75 Ethereum (ETH) about $300,000. However, the owner of the NFT, who goes by the username maxnaut, ended up with a typo error and entered a listing price of 0.75 ETH rather than 75 ETH.