Punks Flip Bored Apes, But Only Briefly
After converging over the course of the last month, the floor price for CryptoPunks briefly flipped that of Bored Ape Yacht Club NFTs according to our project rankings page.
The "flippening," which was official for approximately 45 minutes, was set with floor prices of 66.45 ETH and 64.99 ETH for Punks and Apes, respectively. However, since that time - an accepted sale and canceled listing have pushed the Bored Ape Yacht Club floor back up to 70 ETH while the Punks floor price remains at 66.45 ETH.
The move marked the first time Punks have held a floor price above that of Bored Apes since December 2021, when the Bored Ape Yacht Club floor price first climbed higher than that of CryptoPunks.
It's impossible to pick out one specific catalyst for this trend and converging floor prices, though storylines have been aiding the "re-flippening" trend in the last few weeks.
For example, CryptoPunks have seen two notable announcements in the last two weeks thanks to a high-status "collaboration" with Tiffany & Co. and Yuga Labs releasing the IP rights of each CryptoPunk to its respective holder.
Meanwhile, less positive sentiment has surrounded the Bored Ape Yacht Club collection and the unfolding situation with BendDAO (as outlined by Lucky Trader's Tyler Warner) continues to weigh negatively on the floor price.
While the flip did happen for a brief period of time, the difference was still just a minuscule 1.46 ETH. And now that Apes are back on top, will it stay that way? Or is the market headed for a more sustained flip that puts Punks back on top for a considerable amount of time?