Bored Ape Yacht Club Topples CryptoPunks and other news

Bob Coiney

December 27, 2021

Last week, the floor price of Bored Ape Yacht Club (BAYC) NFTs flipped Larva Labs’ CryptoPunks for the first time in history. The floor price is the current lowest price at which a certain type of NFT can be purchased.

A BAYC NFT had a floor price of 53.9 ETH ($215,350) at the time, while a CryptoPunk NFT had a floor price of 52.69 ETH ($210,515).

The change is noteworthy because BAYC NFTs are considerably newer to the market than CryptoPunks, which are widely regarded as the first NFT. The earlier NFTs were introduced in April of this year, whereas the latter was introduced in 2017.

On the Ethereum blockchain, both BAYC NFTs and CryptoPunks are a collection of 10,000 distinct digital items. BAYC NFTs were created by a team of four pseudonymous developers: Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. CryptoPunks was created by two Canadian software developers, Matt Hall and John Watkinson, whereas BAYC NFTs were created by a team of four pseudonymous developers: Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass.

Late in the summer, CryptoPunks prices soared, with the floor price breaking $100,000 for the first time in early August. Following the project’s biggest single day of secondary trading volume (about $143.5 million on August 28) and major headlines, such as Visa buying a CryptoPunk, the floor was above 100 ETH (around $340,000) by the end of the month.

The floor price of the Bored Ape Yacht Club was less than half that of CryptoPunks at the time. However, the Bored Apes have exploded in popularity in recent months as a result of a series of high-profile events, including the debut of a related Mutant Ape Yacht Club series (free to existing Bored Ape holders) and a star-studded exclusive performance in New York City in November.

As of the time of this writing, CruptoPunk has surged by 60.77% in the last 24 hours with a current price of $0.056439 per FLOOR, reclaiming its slot at the top.

OpenSea users get SOS airdrop

Crypto users who have made transactions on OpenSea became eligible to collect a free Ethereum token called SOS on Christmas Eve, with the quantity of SOS they received being decided by how much money they had spent on NFTs on OpenSea.

By Sunday, more than 240,000 users had claimed the token, which had increased in value by more than 1,000 percent.

The free gifts or tokens were not released by the popular NFT marketplace but by OpenDAO, an independent decentralized autonomous organization that pledged to utilize some of the tokens set aside for itself to reimburse OpenSea users for scams and to assist the expanding NFT business.

Holiday Market News

The weekend was one of the festivities and parties, and as some expected, the market did not seem to have moved much over the weekend. According to reports, Bitcoin remained boxed at $51k Ether, and other major coins made little movement during the holiday.

In the U.K, crypto trading activity was silent on Christmas day and on Boxing Day, while Bitcoin’s trading volume in several top centralized exchanges was low.