Reports said that the Second Flippening is underway as CryptoPunks top Bored Apes for the #1 NFT spot owing to the FTX downfall. The cheapest Bored Ape Yacht Club is now 57.5 ETH to own, slipping around 7% from its last price point (as of November 12).
It has been reported that zooming out, the current floor price is down 84% from its April 2022 peak. CryptoPunks are long considered the holy grail of NFTs. In October of 2021, with a 69 ETH floor price, Bored Ape Yacht Club (BAYC) surpassed CryptoPunks for the first time. This event came to be known as “The NFT Flippening.”
However, owing to horrendous frauds by mega crypto marketplace FTX, CryptoPunks have regained their top spot. Yuga Labs owns both of the NFT brands. Both of the projects grant holders commercial rights to their respective NFTs.
The report said that BAYC has held the number 1 position for less than a year, and with the hellish crypto week that has passed, the pressure to sell has dropped floor prices across the board. In comparison to its ~56 ETH floor price, the cheapest BAYC NFT would cost you 152 ETH ($429,000) around April 2022. The most affordable floor price of a Cryptopunk is now ~67 ETH ($88,700), topping the Apes. As Ethereum continues to fall NFT markets are witnessing massive shifts in status, priority, and leadership.
Likewise, data around OpenSea and other NFT markets suggests more NFT owners are accepting bids placed on their assets. Usually, placed bids are below an NFTs market value. This means NFT holders are looking to quickly sell off their digital assets at the expense of a low offer. Top blue-chip NFT holders have even posted their prized NFTs for sale to raise capital during these mad market conditions.
Although, despite all of the fallouts in crypto this year, Cryptopunk floor prices have remained neutral since early 2022. In the past month, Cryptopunks floor prices, varied between 65-67 ETH and following the aftermath of FTX, remains at a stable 63-64 ETH. Some say that this could also be due to a majority of ApeCoin ($APE) held in FTX.
Thus, CryptoPunks have gained legendary status, as they signify the rise of NFTs being one of the first NFT projects to ever exist. In this fast-moving space, the 10,000 PFP project is a household name representing not just web3, but internet history.
Source: NFT Evening