The competition for dominance in the NFT market has intensified as CryptoPunks has outpaced Bored Ape Yacht Club (BAYC) in terms of market capitalization. In the past week, the value of the CryptoPunks collection increased by 13%, while BAYC’s value dropped by 8%, as indicated by on-chain data shared by Wu Blockchain, a crypto-focused account covering 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
According to the tweet, CryptoPunks’ recent double-digit growth has propelled the blue-chip NFT collection market cap to 847,000 ETH, which is 71,000 ETH more than that of BAYC. Further investigation reveals that the introduction of Wrapped CryptoPunks on Blur has contributed to the increased interest in the collection.
Notably, not only has the market cap of CryptoPunks risen, but its floor price has also surged to 74 ETH, a six-month high, as per data from NFT Price Floor. In contrast, the floor price of BAYC fell to 61 ETH. The floor price represents the minimum value required to purchase an NFT within a collection, and a decrease in this price is an indication of a project losing momentum.
Interestingly, Wrapped CryptoPunks have been responsible for 25% of all NFT sales in the past ten days, according to data from NFTGo. The introduction of Wrapped tokens on Blur enables holders and enthusiasts of the CryptoPunks project to convert their NFTs into the ERC-721 standard, making it easier to trade them for ETH on various marketplaces.
Despite CryptoPunks’ recent success, the situation has taken another unexpected turn. Further developments will be monitored closely to provide more insight into this rapidly changing market.