Amongst the popular NFT influencers, there is a considerable debate brewing about CryptoPunks and their place at the top of the NFT mountain. As it stands, many view CryptoPunks as the most prominent NFT collection.
However, with the rise of NFTs such as the Bored Ape Yacht Club (BAYC), some are beginning to question the value of an NFT that has no plans. In fact, several Twitter users in the NFT community believe that a ‘flippening’ will occur, with BAYC replacing the Punks as the top project.
According to the Larva Labs website, the floor price of a CryptoPunk is currently 68.69 ETH ($289,739.92 USD). Punks are the most recognisable NFT projects, and although they are not the oldest, they are considered the biggest and most popular.
However, owners of the 10,000 strong collections have raised several issues about the project, particularly copyright laws, lack of communication from Larva Labs, and roadmap options.
The NFT community is divided on CryptoPunks.
Most recently, notable punk holder @Punk4156, tweeted “I love punks, but the copyright issue broke my heart. I held deep eight figures of punks and the devs unfollowed me when I suggested it. wouldn’t respond to DMs.”
Many rushed to add their own opinion to the conversation in response to the tweet. Whilst some agreed with him, others quickly pointed out that owning this unique piece of art history is why CryptoPunks are so valuable.
The NFT influencer @Beaniemaxi disagreed with @Punk4156’s viewpoint. He tweeted, Being bearish on punks rn is the definition of ngmi. However, he did agree in part, adding, “I think creators ought to be as engaging as possible with collectors, and he’s a big collector. But punks are where all this began.”
One of the biggest problems is that CryptoPunks has a strict licence agreement. The Larva Labs licence doesn’t give individual punk holders copyright capabilities. It provides no intellectual property or trademark to the owners.
Although the owners can use the art for personal use as it stands. They can sell up to $100,000 of merchandise. To add to the complication further, that is the max profit allowed, and owners cannot alter the original design of the CryptoPunks.
Finally, a massive issue for CryptoPunks is that they are almost too big for their own good. This is a problem because people want more, and Larva Labs have repeatedly stated that they have no interest in developing the project any further.
This leaves a huge gap in the market for another NFT project to fill. As it stands, the Bored Ape Yacht Club is closing in on that top spot. The team behind BAYC have a clear roadmap and have already released two related NFT projects alongside it.
The Bored Ape Kennel Club and The Mutant Ape Club are a part of BAYC. Furthermore, the community-driven project is constantly releasing new updates and features.