Yesterday we witnessed the floor price of NFTs from Bored Ape Yacht Club’s (BAYC collection) surpass the Crypto Punks’ for the first-time.
OpenSea data shows that yesterday’s floor price for the BAYC NFT Collection was 54 ETH. However, the floor prices of an NFT from CryptoPunk was 52.8 Ethereum.
We witnessed the first ever flipping in the world NFTs. The Bored Ape Yacht Club was the most expensive collection.
Here are the reasons
Bobby Ong (Co-Founder and COO at CoinGecko) commented on the matter. He outlined three reasons why he believes that this happened.
It turns out that the Ape-Punk flipping took place faster than expected. I was asked why. My thoughts: BAYC is able to claim IP rights that are more generous than Punks. BAYC has actively onboarded celebrities. BAYC has teased a token to go with the NFT https://t.co/txwGxLJqHj
— Bobbyong.eth (@bobbyong), December 23, 2021
He stated that BAYC had more IP rights than Punks. In fact, NFT holders of BAYC receive IP rights that are associated with tokens. These rights are being used to create a blockchain-based gaming platform. They partnered with Animoca Brands.
The second reason is simple – many celebrities have supported the project. Stephen Curry, FT’s superstar, purchased a Bored Ape NFT in August for $180K. He is not the only famous person who has been involved.
Ong also mentions that BAYC has, unlike Crypto Punks’, “teased” a token that will go with the NFT. They made the announcement in October and stated that they were looking at the first quarter 2022 to launch the token.
Good evening, apes. I’ve been hearing the club ask a lot of questions:
Wen token indeed . . . Below are some thoughts.
— Bored Ape Yacht Club (@BoredApeYC) October 8, 2021
Marla Brooks – Financial Analysis
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