The battle for supremacy within the NFT kingdom has become real. cryptopunks has surpassed Bored Ape Yacht Club (BAYC) in market capitalization after the collection’s value rose 13% last week. On the other hand, BAYC lost 8% of its value in the same period. This is according to on-chain data shared by Wu Blockchain, an account that covers cryptocurrencies primarily in Asia.
In the last 7 days, the BAYC floor price fell more than 8% and CryptoPunks rose 13%. CryptoPunks outperformed BAYC (776,000 ETH) with a market value of around 847,000 ETH. The reason may include the release of Warpped CryptoPunks on Blur; and the commercial users of nftperp are…
— Wu Blockchain (@WuBlockchain) March 19, 2023
The tweet notes that in the last week, CryptoPunks’ double-digit gains ensured that the market capitalization of blue-chip NFT collection grew to 847,000 ETH, which is 71,000 ETH more than that of BAYC. Upon further investigation, it turns out that the introduction of the Wrapped CryptoPunks in Blur has something to do with the increased interest in the set.
The minimum price of CryptoPunks also grew
Interestingly, not only the market capitalization of the project increased, but also the minimum price. NFT Price Floor data shows that the CryptoPunks price floor rose to 74 ETH, a six-month high. As for BAYC, its minimum price fell to 61 ETH. The minimum price indicates the lowest value required to purchase an NFT within a collection. Unfortunately, a drop in the floor price means that a project is losing momentum.
As mentioned above, CryptoPunks good fortune has something to do with the recently introduced Wrapped tokens on Blur. NFTGo data shows that Wrapped CryptoPunks are responsible 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 their NFTs to the ERC-721 standard, making it easy to exchange for ETH on various markets. Wrapping occurs on a 1:1 basis.
However, just as CryptoPunks began to enjoy this rise, history has taken another dramatic turn. Stay tuned to find out what happened next…
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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