CryptoPunks Surpasses BAYC in Market Cap


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The battle for supremacy within the NFT realm has become a reality. Cryptopunks It has surpassed Bored Ape Yacht Club (BAYC) in market capitalization after the collection rose 13% in value over the past week. BAYC, on the other hand, lost his 8% of its value within the same period. This is mainly due to on-chain data shared by Wu Blockchain, an account covering Asian cryptocurrencies.

The tweet shows that CryptoPunks double-digit profits last week boosted the market cap of prime NFT collections to 847,000 ETH, which is 71,000 ETH more than BAYC. Further investigation revealed that Blur’s introduction of Wrapped CryptoPunks had something to do with the growing interest in collections.

CryptoPunks lowest price also increased

Interestingly, it wasn’t just the project’s market capitalization that went up, but also the lowest price. Data from the NFT Price Floor shows that the CryptoPunks price floor has risen to 74 ETH. This is the highest price in six months. As for BAYC, its price floor has been lowered to 61 ETH. The floor price indicates the minimum price required to purchase his NFT within the collection. Unfortunately, falling floor prices mean the project is losing momentum.

As mentioned earlier, CryptoPunks’ fortune has something to do with the recently introduced Wrapped Tokens on Blur. According to NFTGo data, wrapped CryptoPunks accounted for 25% of all NFT sales in the last 10 days.

Wrapped CryptoPunks was born out of a desire to allow project owners and enthusiasts to convert NFTs to the ERC-721 standard. This makes it easy to exchange for ETH in various markets. Wrapping is done on a 1:1 basis.

But just as CryptoPunks began to gain the upper hand, the narrative took another dramatic turn. Keep tabs on what happened next….

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Conor the Tech Veteran
He previously spent 6 years publishing research on tech stocks, and believes in using a combination of fundamental, technical, and quantitative analysis. Prior to a career in tech stocks journalism he was a technology and semiconductor analyst with a research team.

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