CryptoPunks And Bored Ape (BAYC) Whales Buy Up Chronocatz NFTs – CryptoMode
After the massive bull run in 2021, the NFT market has witnessed a massive correction this year. In Q3 2022, NFT sales fell over 60% to $3.4 billion from $8.4 billion in the previous quarter. In the ongoing bear market, blue-chip NFT projects such as Bored Ape (BAYC) and CryptoPunks have also witnessed a massive decline in sales volume and floor prices. While investors remain wary of NFTs, the entry of a new entrant, Chronocatz, has added much-needed excitement to the market. Launched by the team at Chronoly.io Watch Marketplace, Chronocatz has quickly caught the attention of CryptoPunks And Bored Ape (BAYC) whales. In this article, we take a look at what makes Chronocatz exciting and how BAYC and CryptoPunks are performing.
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Bored Ape (BAYC) popularity is falling
Launched in April 2021, Bored Ape Yacht Club (BAYC) is one of the most successful NFT projects. However, the price of Bored Apes has fluctuated wildly, even more so after the May 2022 crypto market crash. The floor price of the BAYC NFT collection topped $420,000 in April 2022. The BAYC project fell 60% in May to below $152,658, averaging sales prices . These NFTs are now selling at a floor price of 79 ETH ($101,605).
According to DappRadar data, the total volume of Bored Ape NFTs has fallen by 22% while the average price of each BAYC NFT has fallen by over 14% in the last 30 days. There has been an 18% decrease in the number of traders, with only 299 traders of BAYC in 30 days, while the total amount of incoming value to Bored Ape’s smart contract was 0.
There are 10,000 Bored Ape NFTs in circulation, each with its own price. These monkeys have been subjected to several thefts. BAYC NFTs worth about 200 ETH were stolen in June 2022. Adding to the woes of Bored Ape owners, there is an ongoing investigation by the US Securities and Exchange Commission into Yuga Labs, the company behind BAYC. The SEC is investigating whether Yuga Labs broke any rules by issuing NFTs and launching its original cryptocurrency (ApeCoin).
CryptoPunks outperforms BAYC but still far from All Time High (ATH)
CryptoPunk’s NFT has outperformed BAYC recently, data shows. It currently leads the NFT market with a 30-day average floor price of $83,470. The trading volume of CryptoPunk’s NFTs has also jumped 64% to $22.1 million, but the floor price is down almost 9% to $83,470 de last 30 days, according to DappRadar.
The CryptoPunks project has been deemed the “alpha and omega” of the crypto art movement by British auction house Christie’s. It was launched in 2017 by Larva Labs as a collection of 10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. The project has been hugely successful over the past 5 years.
However, the CryptoPunks project has suffered in the ongoing bear market with sales falling below $100,000. In August 2021, CryptoPunks had a record $680 million in sales. According to DappRadar data, there were only 148 sales of CryptoPunks and only 155 traders in the last 30 days. Although the project has shown some traction after last month’s brief revival in the NFT market, it still has a long way to go to reach anywhere near ATH.
Chronocatz excites NFT investors
NFTs backed by luxury watches are the unique selling point of the Chronoly platform. Following the launch and success of CRNO tokens, the arrival of Chronocatz has made the Chronoly ecosystem more exciting for investors as they can benefit from a platform whose core offering is backed by real assets.
Chronocatz offers some powerful features that attract the whales of BAYC and Cryptopunks. A Chronocat NFT acts as a passport to the exclusive Chrono Wealth Club, which will only have 7,777 members. The owner of a Chronocat NFT will get exclusive access to special features such as trade and storage discounts, insurance fees, access to networking events, private watch auctions and much more. The whitelist coin of Chronocatz is currently on offer at a new price of 0.11 ETH for each cat.
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