Despite a common downtrend in the prices of the two most valuable non-fungible token (NFT) collections, the floor price for CryptoPunks briefly flipped that of Bored Ape Yacht Club (BAYC) on Monday.
CryptoPunks topple Bored Apes
Interestingly, that is the first time since last December that CryptoPunks will claim the top spot. The flip was short-lived though as Bored Apes soon regained the lead position shortly before noon, as seen on the OpenSea marketplace.
It is noteworthy, however, that the earlier incident was not the first time CryptoPunks would be topping the NFT charts. For the better part of 2019, up until December 2021, Punks ruled as the most valuable digital collectible. However, while flippings like these are generally commonplace in the crypto world, they usually mostly happen during price surges. But this time around, it’s a downtime in the NFT market as both rival collections are seeing their prices plunging nonstop.
Floor prices reflect the NFT market condition
As of publication, data from NFTPriceFloor suggests that both the Bored Apes and CryptoPunks have their floor prices down by 40% and 20% in the last month. But that is only reflective of the general outlook of the NFT market.
According to Nikolai Yakovenko, the founder of the NFT valuation platform DeepValueNFT, most NFTs have plummeted more than 50% from their peak in terms of ETH. So it is only a matter of time before the same thing happens to the Bored Apes prices. About the drops from their peak prices, Yakovenko said:
“Punks have, Fidenzas have, it is pretty unlikely that Apes would not have a drop like this.”
It might be worth mentioning that the co-founders of Yuga Labs have publicly said they are not overly keen on high floor prices. They revealed this in a recent interview where they claimed to be more dedicated to bringing utility to the community instead of gunning for high prices.