In a tweet yesterday, NFT fan and influencer @MikeMcDonal89 informed the community of the reversal. As of this writing, Bored Apes has recaptured the top spot with a floor price of 73.5 ETH, compared to CryptoPunks’ 65 ETH.
The first ‘flippening’ happened on December 22, when the floor price of Bored Ape Yacht Club increased to 53.9 ETH, overtaking CryptoPunks’ 52.69 ETH floor price. Due to the fact that CryptoPunks was the most popular NFT collection in 2021 and the flip made headlines across the NFT industry at the time, this was a huge problem in the community.
The rivalry between these two collections is prompted by a variety of factors, including a dispute about whether collection is the best NFT candidate. Because of the existing divide between mainstream media approval and the IP rights afforded to its owners, the BAYC and CryptoPunks collections have a differing number of unique holders. This is essential because the number of unique holders typically suggests a bigger number of owners, meaning that the overall or floor value of the project is less reliant on a single sale.
The Bored Ape Yacht Club is comprised of 10,000 Bored Ape NFTs, which are one-of-a-kind Ethereum-based digital assets. To obtain a Bored Ape, you must be a member of the Yacht Club. Any owner of Bored Ape will also have intellectual property rights. The NFT has a flurry of present and future capabilities. Bored Ape Yacht Club has risen from its low minting price of 0.08 Ether (ETH) to nonfungible-token (NFT) popularity, competing with one of the first instances of Larva Labs CryptoPunk NFT.
The CryptoPunks collection is a set of 10,000 randomly generated Ethereum characters. Many dubbed the collection “the first PFP NFTs.” The developer, Larva Labs, has more restrictive licensing restrictions and has provided minimal value to the collection.