CryptoPunks surpasses BAYC in market cap as blue chip NFTs continue battle

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  • Cryp­toP­unks’ mar­ket share rose to 8.63% while BAYC dipped below 8%.
  • Wrapped Cryp­toP­unks account­ed for over 25% of the total NFT sales.

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%.

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

Wrapped CryptoPunks

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

Cryp­top­unks pre-date the ERC-721, the main stan­dard for NFTs on the Ethereum blockchain. Wrapped Cryp­top­unks is a dApp deployed on the Ethereum pro­to­col, which allows hold­ers to con­vert their orig­i­nal Cryp­toP­unks into ERC-721 tokens on a 1:1 basis.

These wrapped tokens could then be trad­ed and exchanged in pop­u­lar NFT mar­ket­places. It should be not­ed that Wrapped Cryp­toP­unks are already list­ed on the OpenSea platform.

NFT market recedes

The FUD trig­gered by the depeg­ging of USDC sta­ble­coin had a sig­nif­i­cant impact on the NFT land­scape. The over­all sales vol­ume plum­met­ed by 55% from the begin­ning of March, while the mar­ket cap declined as well.

The blue chip NFT index, con­sid­ered as a bell­wether for the mar­ket, record­ed a con­sid­er­able drop of 2.5% over the last week. How­ev­er, a slight recov­ery could be seen which could be due to the impe­tus pro­vid­ed by Cryp­toP­unks of late.

Source: NFT­Go



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