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Overview: The NFT “Flippening” For the first time in NFT history, the Bored Ape Yacht Club (BAYC) collection overtook CryptoPunks to become the most expensive NFT collection by floor price. According to OpenSea data, the BAYC floor price reached 54 ETH, officially surpassing the CryptoPunks floor price of 52.8 ETH.
Why BAYC Surpassed CryptoPunks Bobby Ong, Co-Founder and COO of CoinGecko, outlined three primary catalysts that drove BAYC’s surge in value and popularity:
- Generous Intellectual Property (IP) Rights: Unlike CryptoPunks, BAYC grants commercial IP rights to its NFT holders. The project is actively leveraging these rights to develop a blockchain-based metaverse game in partnership with Animoca Brands.
- Mainstream Celebrity Endorsements: BAYC has attracted massive backing from high-profile celebrities, bringing mainstream attention to the project. A notable example is NBA superstar Stephen Curry, who purchased a Bored Ape NFT for $180,000.
- Anticipation of an Accompanying Token: BAYC announced plans to launch a native cryptocurrency token to go alongside the NFTs. Teased in October with a target launch for Q1 2022 (which later became ApeCoin), this added a layer of utility and financial anticipation that CryptoPunks lacked at the time.