The Bored Ape Yacht Club (BAYC) NFT price floor has risen considerably over the weekend, overtaking the CryptoPunks. Last week, the price floor of the BAYC NFTs dropped to as low as 58 ETH while that of the CryptoPunks remained above the 60.00 mark. On Friday evening, the price floor of the CryptoPunks was ahead of that of the Bored Ape Yacht Club, at 62.95 ETH and 61.00 ETH respectively.
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On Monday morning, the price floor of the Bored Ape Yacht Club NFTs had risen to 67.99 ETH while that of the CryptoPunks was at 65.95 ETH. Thus, the Bored Apes had already climbed past the CryptoPunks in terms of the price floor. This is according to data obtained from NFT Price Floor. The BAYC NFTs have also made 33 sales in the last 24 hours, while the CryptoPunks have made 3 sales. Currently, the Bored Ape Yacht Club NFTs are ranked #1 in the NFT price floor, a position taken by the CryptoPunks the whole of last week. The Bored Apes have a floor cap of 679,900 ETH. The CryptoPunks are now ranked #2 in the NFT price floor with a floor cap of 659,500 ETH.
The Bored Ape Yacht Club and the CryptoPunks are popular NFT projects that run on the Ethereum blockchain. The CryptoPunks were developed by Larva Labs and are known to have introduced the profile picture (PFP) concept, while the Bored Ape Yacht Club refined the concept.
The Bored Ape Yacht Club NFTs are not just digital collectibles that follow the profile picture concept introduced by the CryptoPunks, but they represent membership tokens to an exclusive digital hangout club known as the swamp club.
The Bored Ape Yacht Club also has a more generous licensing system for its IP (Intellectual Property), allowing the owners of the Bored Apes to exploit them commercially. On the other hand, the CryptoPunks were launched under a restrictive IP regime, which required the exploitation by NFT holders to be capped to particular use cases. However, this has changed recently after the acquisition of the CryptoPunks NFT project from Larva Labs by Yuga Labs, the same company that owns the Bored Ape Yacht Club and other popular NFT projects such as Meebits and the Mutant Ape Yacht Club (MAYC).
Each of the two NFT projects has a maximum supply of 10,000 unique digital items with a different rarity. The rarity is achieved by varying attributes such as skin, clothing, eyes, background, mouth, and accessories such as hats. The mix of these attributes determines the value of an NFT. NFTs with scarcer attributes attract huge prices than those with common traits.