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As FTX crashes the market, CryptoPunk’s boring monkeys turn again
The second flip is underway as CryptoPunk’s top Bored Apes for the #1 NFT spot due to the FTX downfall. The cheapest Bored Ape Yacht Club is now 57.5 ETH to own, down around 7% from the last price point (at the time of writing). Zooming out, the current floor price is down 84% from its peak in April 2022. Learn more about the turbulent NFT times following the FTX fiasco below.
How Did CryptoPunks Turn Bored Ape Yacht Club?
CryptoPunks have long been considered the holy grail of NFTs. But in October 2021, with a floor price of 69 ETH, Bored Ape Yacht Club (BAYC) surpassed CryptoPunks for the first time. This event became known as “The NFT Flipping.” Currently, due to horrible scams by the mega crypto marketplace FTX, CryptoPunks has regained its first place. Yuga Labs owns both NFT brands. Both projects give holders commercial rights to their respective NFTs.
BAYC has held the #1 position for less than a year, and with the hellish crypto week that has passed, the selling pressure has dropped floor prices across the board. Compared to the floor price of ~56 ETH, the cheapest BAYC NFT will cost you 152 ETH ($429,000 USD) around April 2022. The cheapest floor price of a Cryptopunk is now ~67 ETH ($88,700 USD), topping the Monkeys. As Ethereum continues to fall, the NFT markets are witnessing massive changes in status, priority and leadership.
Data around OpenSea and other NFT markets suggests that more NFT owners are accepting bids for their holdings. Typically, bids placed are below an NFT’s market value. This means that NFT holders want to quickly sell off their digital assets at the expense of a low offer. Top blue-chip NFT holders have even put their prized NFTs up for sale to raise capital in these crazy market conditions.
Although, despite all the fallout in crypto this year, Cryptopunk’s floor prices have remained neutral since early 2022. In the last month, Cryptopunk’s floor prices, ranging between 65-67 ETH and after the wake of FTX, have remained stable at 63-64 ETH. Some say this could also be due to a majority of ApeCoin ($APE) held in FTX. Furthermore, Sam Bankman-Fried also has BAYC NFT grails.
FACTS regarding @yugalabs current situation 🚨
– The majority of @apecoin was kept inside @FTX_Official (Freezing almost all their liquidity.
– @SBF_FTX accommodates A LOT @BoredApeYC grail that will be discontinued.
– $APE has almost no liquidity due to FTX exposure.
100% of insolvency! pic.twitter.com/gK4BGFvarW— 0xTre.eth🩸🇦🇺 💙 Weird ENS Plug 💙 (@GlobalTourism_) 11 November 2022
About CryptoPunks
CryptoPunks are synonymous with the NFT industry. Launched in 2017 by Larva Labs (now acquired by Yuga Labs), it is a collection of 10,000 pixelated PFPs. It is also one of the very first Ethereum-based NFTs. The punks have varying levels of rarity, some of which include zombies, monkeys, and aliens.
CryptoPunks have gained legendary status, as they indicate the rise of NFTs as one of the first NFT projects ever to exist. In this fast-moving space, the 10,000 PFP project is a household name that represents not only web3, but internet history.
