Since December Cryptopunk, the collection of pixelated face profile pictures took the highest spot of NFT floor prices for the first time as both collections continue to plunge in value.
Floor prices are the lowest price for which an individual NFT in a collection can be purchased. High floor prices indicate an increasing demand.
CryptoPunk Surpasses Bored Apes
On Monday CryptoPunk non-fungible tokens (NFT) floor price surpassed that of rival blue-chip collection Bored Ape Yacht Club, highlighting the battle for top dog in the cooled-off NFT market.
This occurrence marks one of the many “flippenings” to take place in the crypto world, with both communities competing to be the most valued PFP in the digital collectible space.
This flip didn’t hold for long as Bored Apes had retaken the lead on trading venue OpenSea by late morning we York time.
Both collections’ floors ranged from 66-67 ETH, around $104,000.
This was however not the first time Punks was topping the chats, or at least close to it. The early NFT project held the title of most valuable PFP collection from 2019 until last December when Bored Apes overtook them.
when the price of ETH was pushing $4,000 last winter and trading volumes increased, this flippening comes as the rival collections’ prices are on the way down. The Bored Ape floor price reduced by almost 40% in the last month, with CryptoPunks down by 24%, according to information from NFTPriceFloor. When the Bored Ape floor price passed that of CryptoPunks last time around, the cheapest editions from both collections were valued 55 ETH, at the time worth $215,000.
Nikolai Yakovenko, the founder of the NFT valuation site DeepValueNFT, said of the flip “Apes have not had their 50% drop yet from peak (in ETH) terms. Every other collection has, and will over time, Punks have, Fidenzas have, it was pretty unlikely that Apes would not have a drop like this.”
The race to the bottom may not have ended.
Both collections could continue losing value before an eventual rebound, cascading loan liquidations and the recent declines in NFT trading volumes.
Yuga Labs, the creators of Bored Ape Yacht Club, purchased the CryptoPunks collection in March. The ape stewards then assembled a Punks-focused development and marketing team in an effort to revitalize the brand.
In a recent interview, they said Yuga is more focused on bringing utility to its community than keeping prices high. The co-founders of Yuga Labs have publicly downplayed the importance of floor prices. In