NFT Flippening: Bored Ape Yacht Club Floor Price Higher Than CryptoPunks For the First Time

NFT Flippening: Bored Ape Yacht Club Floor Price Higher Than CryptoPunks For the First Time

Yesterday, we saw the floor price for NFTs from the Bored Ape Yacht Club (BAYC) collection surpass that for the famed Crypto Punks for the first time.

The Flippening

Data from OpenSea shows that yesterday, the floor price of the BAYC NFT collection was at 54 ETH, while the floor price of an NFT from the CryptoPunk collection was 52.8 ETH.

In other words, we witnessed the first-ever flippening in the world of NFTs, where the most expensive collection officially was the Bored Ape Yacht Club.

Here’s Why

Commenting on the matter was Bobby Ong, the Co-Founder, and COO of CoinGecko, who outlined three reasons for which he believes this happened.

Turns out the Ape-Punk flippening took place much quicker than expected. Was asked for some reasons why this happened. My thoughts:1. BAYC has generous IP rights compared to Punks2. BAYC has been actively onboarding celebrities3. BAYC has teased a token to go with the NFT https://t.co/txwGxLJqHj— bobbyong.eth (@bobbyong) December 23, 2021

First, he said BAYC has generous IP (Intellectual Property) rights compared to Punks. Indeed, BAYC NFT owners receive some IP rights associated with the tokens. They are using these rights to create a blockchain-based game, and they partnered with Animoca Brands to do so.

The second reason is pretty straightforward – plenty of celebrities have shown support for the project. FT superstar Stephen Curry purchased a Bored Ape NFT for $180K back in August, and he is just one of the famous people who’ve been involved.

Last but not least, Ong mentions that BAYC, unlike Crypto Punks, has “teased a token to go with the NFT.” The announcement came from BAYC during October this year and said that they are looking at the first quarter of 2022 for the launch.

Good evening, apes. Been hearing a question around the club a lot:WEN TOKEN? 🤔Wen token indeed . . . Some thoughts below.— Bored Ape Yacht Club (@BoredApeYC) October 8, 2021

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