CryptoPunks Surpasses BAYC in Market Cap


The battle for supremacy within the NFT realm just got real. CryptoPunks has surpassed Bored Ape Yacht Club (BAYC) in market cap after the collection value rose by 13% in the past week. On the other hand, BAYC lost 8% of its value within the same period. This is according to on-chain data shared by Wu Blockchain, an account that covers crypto mainly in Asia.

The tweet notes that in the past week, CryptoPunks double-digit gains ensured the blue-chip NFT collection market cap grew to 847,000 ETH, which is 71,000 ETH more than that of BAYC. Upon further investigation, it turns out the introduction of Wrapped CryptoPunks on Blur has something to do with the increased interest in the collection.

CryptoPunks Floor Price Also Grew

Interestingly, it’s not only the market cap of the project that went up but also the floor price. Data from NFT Price Floor shows the floor price of CryptoPunks rose to 74 ETH—a six-month high. As for BAYC, its floor price dropped to 61 ETH. The floor price indicates the lowest value required to buy an NFT within a collection. Unfortunately, a drop in floor price signifies a project that is losing momentum.

As mentioned earlier, CryptoPunks good fortune has something to do with the recently introduced Wrapped tokens on Blur. Data from NFTGo shows that Wrapped CryptoPunks are responsible for 25% of all NFT sales in the past 10 days.

Wrapped CryptoPunks were born out of the desire to allow holders and enthusiasts of the project to convert their NFTs into the ERC-721 standard, thus making it easy to trade them for ETH on various marketplaces. The wrapping happens on a 1:1 basis.

However, just as CryptoPunks began to bask in this ascendency, the tale has taken another dramatic turn. Keep tabs to find out what happened next….

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

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