Yuga Labs, the creator of BAYC, purchased CryptoPunks and Meebits NFT collections, which went popular on Twitter. Yuga Labs has also said that holders of NFTs would have full commercial rights. In other words, holders can now include NFTs into their web3 apps. As a consequence of the change, fans went to acquire the NFTs in droves. As a result, CryptoPunks and Meebits have become very valuable.
The value of CryptoPunks and Meebits NFTs has skyrocketed.
On March 13th, CryptoPunks’ secondary market sales reached $18.8 million, according to Decrypt. This is a 1,219% increase over the previous 24-hour sales. CryptoPunks is now the third biggest NFT collection in terms of all-time trading volume, with over 2.67 billion dollars moved, according to DappRadar.
Furthermore, the CryptoPunks floor price has climbed significantly. Floor price, for the uninformed, refers to the lowest price at which an NFT in a certain collection may be bought. According to estimates, the CryptoPunks floor has climbed by around 11%, hitting 75 ETH.
Meebits NFT project’s value has surged, comparable to CryptoPunks. In the previous 24 hours, its revenues climbed by 529 percent, hitting $18.5 million. In fact, among NFT collections, it now boasts the highest all-time volume trade. At the time of writing, Meebits’volume trade had topped $7.5 billion. The collection’s floor, on the other hand, rose by 32% to about 5.6 ETH.
The increase in CryptoPunks and Meebits sales is most likely the result of Yuga Labs’ declaration that each NFT holder will get IP rights. BAYC collectors already hold the intellectual property rights to their NFTs, which allows them to use them in music videos, products, and other things. Larva Labs, on the other hand, was severely criticized for failing to offer clarity on the commercial usage of the NFTs by their owners. Larva Labs held the IP rights to the CryptoPunks and Meebits NFTs, while collectors owned them. In fact, after an IP dispute in December, one collector sold his CryptoPunk for almost $10.25 million.
BAYC’s value is also rising
In the middle of the CryptoPunks controversy, BAYC emerged as the most serious competitor to CryptoPunks. CryptoPunks actually sold the collection in December 2021. Following the acquisition, BAYC’s worth has also risen. According to one Twitter user, BAYC’s floor hit 96 ETH after 14 sales in under 90 minutes! BAYC’s floor has just been reduced to 68 ETH.
In the past 24 hours, BAYC sold $7.3 million in NFTs, a 307 percent increase over the prior 24 hours. BAYC is presently rated eighth among collections with the highest total volume trade. At $1.41 billion, only Meebits, Axie Infinity, CryptoPunks are more valuable. MAYC’s sales have increased by nearly 80% throughout the same period.
