The anticipated ‘flippening’ has finally happened, but just momentarily. Yesterday, Bored Ape Yacht Club‘s floor price rose to 53.9 ETH, flipping CryptoPunk’s floor price of 52.69 ETH. Although at the time of writing, CryptoPunks has regained the top spot at 53.83 ETH, while BAYC dropped to 52.2 ETH.
BAYC Flipped CryptoPunks. So?
Aside from the endless speculation leading up to the ‘flippening’, there is an ongoing debate among the NFT community regarding which approach trumps the other.
It is worth noting that BAYC and CryptoPunks are two very different NFT projects. Therefore, the success of a project over the other can be a strong indication of which approach buyers actually prefer. A Twitter user suggested that NFT floors are driven by attention and desire, and that the ‘flippening’ could mean trouble for CryptoPunks’ demand moving forward.
Simply put, BAYC is a community-centric NFT project that allows owners to exercise their full authority over their apes. Owners have complete intellectual property rights along with a bunch of present and future utility. The project’s founders are still very actively involved and that is a huge plus for most.
On the other hand, CryptoPunks has a historical value of being one of the OG PFP NFTs, being a chart-topper since the NFT boom last year. As opposed to BAYC, CryptoPunks is more brand-centric and the company holds more stringent licensing rules. Larva Labs also has little added value for Punk owners, relative to BAYC.
The fact the BAYC flipped CryptoPunks, even for just a moment, has garnered more attention towards the projects. We’ll just have to wait and see how the saga will unfold. But likely, we will see one flip the other continuously for the next few weeks.
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