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 (at the time of writing). Zooming out, the current floor price is down 84% from its April 2022 peak. Learn more about the turbulent NFT times following the FTX fiasco below.
How Did CryptoPunks Flip Bored Ape Yacht Club?
CryptoPunks are long considered the holy grail of NFTs. However, 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.” Currently, 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.
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 ($88,700), topping the Apes. As Ethereum continues to fall NFT markets are witnessing massive shifts in status, priority, and leadership.
Data around OpenSea and other NFT markets suggests more NFT owners are accepting bids placed on their assets. Usually, placed bids are below an NFTs market value. This means NFT holders are looking to quickly sell off their digital assets at the expense of a low offer. Top blue-chip NFT holders have even posted their prized NFTs for sale to raise capital during these mad market conditions.
Although, despite all of the fallouts in crypto this year, Cryptopunk floor prices have remained neutral since early 2022. In the past month, Cryptopunks floor prices, varied between 65-67 ETH and following the aftermath of FTX, remains at a stable 63-64 ETH. Some say that this could also be due to a majority of ApeCoin ($APE) held in FTX. Furthermore, Sam Bankman-Fried holds BAYC NFT grails as well.
The FACTS regarding @yugalabs current situation 🚨
– Majority of @apecoin was held in @FTX_Official (Freezing Nearly all their Liquidity.
– @SBF_FTX holds A LOT of @BoredApeYC grails that will be liquidated.
– $APE has next to no Liquidity due to FTX exposure.
100% of Insolvency! pic.twitter.com/gK4BGFvarW
— 0xTre.eth🩸🇦🇺 💙 Rare ENS Plug 💙 (@GlobalTourism_) November 11, 2022
CryptoPunks are synonymous with the NFT industry. Launched in 2017 by Larva Labs (acquired now by Yuga Labs), it is a collection of 10,000 pixelated PFPs. It is also one of the very first Ethereum-based NFTs. The punks have varying rarity levels, some of which include, zombies, apes, and aliens.
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.