The battle for supremacy within the NFT realm just got real. CryptoPunks has surpassed Bored Ape Yacht Club (BAYC) in market cap after the collection value rose by 13% in the past week. On the other hand, BAYC lost 8% of its value within the same period. This is according to on-chain data shared by Wu Blockchain, an account that covers crypto mainly in Asia.
In the past 7 days, the floor price of BAYC fell by more than 8%, and CryptoPunks rose by 13%. CryptoPunks surpassed BAYC (776,000 ETH) with a market value of about 847,000 ETH. The reason may include the launch of Warpped CryptoPunks on Blur; and nftperp trading users are…
— Wu Blockchain (@WuBlockchain) March 19, 2023
The tweet notes that in the past week, CryptoPunks double-digit gains ensured the blue-chip NFT collection market cap grew to 847,000 ETH, which is 71,000 ETH more than that of BAYC. Upon further investigation, it turns out the introduction of Wrapped CryptoPunks on Blur has something to do with the increased interest in the collection.
CryptoPunks Floor Price Also Grew
Interestingly, it’s not only the market cap of the project that went up but also the floor price. Data from NFT Price Floor shows the floor price of CryptoPunks rose to 74 ETH—a six-month high. As for BAYC, its floor price dropped to 61 ETH. The floor price indicates the lowest value required to buy an NFT within a collection. Unfortunately, a drop in floor price signifies a project that is losing momentum.
As mentioned earlier, CryptoPunks good fortune has something to do with the recently introduced Wrapped tokens on Blur. Data from NFTGo shows that Wrapped CryptoPunks are responsible for 25% of all NFT sales in the past 10 days.
Wrapped CryptoPunks were born out of the desire to allow holders and enthusiasts of the project to convert their NFTs into the ERC-721 standard, thus making it easy to trade them for ETH on various marketplaces. The wrapping happens on a 1:1 basis.
However, just as CryptoPunks began to bask in this ascendency, the tale has taken another dramatic turn. Keep tabs to find out what happened next….
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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 globe.