The NFTs of the Bored Ape Yacht Club catch up with CryptoPunks by undercutting the reserve price

The cheapest Bored Ape NFT retail price is now 53.9 Ether (ETH) or USD 215,067 while the minimum price for a CryptoPunk is 52.69 ETH. which, according to OpenSea, is currently worth $ 210,239.

Throughout the month there has been speculation that Bored Ape could outperform CryptoPunks in terms of the floor price per NFT. Earlier this week Cointelegraph has done an in-depth study of the potential factors that could affect the value of one collection over another. Whether the owners prefer intellectual property rights or certain partnerships and collaborations, the driving force behind any NFT project, blue chip or not, is their community.

It’s important to note some notable differences between the two collections. Larva Labs, the team behind CryptoPunks, was one of the first to develop NFT in 2017. The project has historic value and has long been established in the market in terms of trading volume. It’s also very brand driven. CryptoPunks owners cannot use their avatar for marketing, commercial or branding purposes, only the company can. Recently, Larva Labs and the Hollywood agency UTA signed an agreement to use the image of CryptoPunks in the mainstream media.

The NFTs of the Bored Ape Yacht Club catch up with CryptoPunks by undercutting the reserve price
The NFTs of the Bored Ape Yacht Club catch up with CryptoPunks by undercutting the reserve price

On the flip side, Yuga Labs, the creator of the Bored Ape Yacht Club, is very community-minded and useful. From their ongoing collaborations, like their last with Adidas Originals, to their increasing acceptance by mainstream media and celebrities, the attention and appeal of Bored Apes has increased, and with it the price of their collection. In addition, Ape owners have the full creative and commercial license to their assets as Yuga Labs has granted them all intellectual property rights from the start.

The fact that the minimum price of BAYC’s NFTs has risen above that of CryptoPunks for the first time shows that public opinion is optimistic about BAYC’s future. The price of land had risen steadily in the past few months, in contrast to the steady decline at CryptoPunks.

According to an announcement made in October, the Bored Ape Yacht Club also plans to launch its own token in the first quarter of 2022.

As in any dynamic market, competition can be healthy. And one rival that is quickly catching up with both BAYC and CryptoPunks is RTFKT Studios. At the time of this writing, RTFKT Studios’ Clone X collaboration with artist Takashi Murakami ranks second in terms of trading volume on OpenSea.

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