CryptoPunks surpasses BAYC in market cap as blue chip NFTs continue battle
The Non-Fungible Token [NFT] landscape, like other crypto verticals, faced its share of downsides following the USD Coin [USDC] depegging saga. The focus has now shifted to the ensuing battle unfolding between blue chip NFTs CryptoPunks and Bored Ape Yacht Club [BAYC].
As per a 19 March tweet, the market capitalization of CryptoPunks eclipsed BAYC with a value of over 847,000 Ether [ETH] as compared to the latter’s value of about 778,000 ETH at the time of writing. With this, CryptoPunks’ share of the market rose to 8.63% while that of BAYC dipped below 8%.
<p lang=«en» dir=«ltr» xml:lang=«en»>In the past 7 days, the floor price of BAYC fell by more than 8%, and CryptoPunks rose by 13%. CryptoPunks surpassed BAYC (776,000 ETH) with a market value of about 847,000 ETH. The reason may include the launch of Warpped CryptoPunks on Blur; and nftperp trading users are… https://t.co/mtaXdMcogP— Wu Blockchain (@WuBlockchain) March 19, 2023
Additionally, the floor price of the two projects revealed a contrasting trajectory. CryptoPunks’ floor price exploded to its six-month high of about $74 at press time, data from NFT Price Floor revealed.
Source: NFT Price Floor
On the other hand, BAYC’s floor price plunged to a little over $61, representing a drop of 15% on a month-to-date (MTD) basis.
Floor price is the lowest value for any NFT in a given collection. A drop in a project’s floor price may suggest that an NFT project is losing traction.
Source: NFT Price Floor
The recent bull-run in CryptoPunks’ trading volume and value could be ascribed to the launch of Wrapped CryptoPunks on Blur [BLUR] marketplace. According to NFTGo, Wrapped CryptoPunks accounted for over 25% of the total NFT sales from 13 March till press time.
Source: NFTGo
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