NFT: Bored Ape Yacht Club Successfully Overtakes CryptoPunks!
ZFX Global - The cheapest Bored Ape Yacht Club NFT price (floor price) is 53.9 Ether (ETH), or $215,067, around IDR 3.075 billion while the floor price for CryptoPunk is 52.69 ETH, which is currently worth $210,239, approx. IDR 3.006 billion. This fact confirms the speculation from a few months ago about the possibility of the Bored Ape Yacht Club (BAYC) flipping CryptoPunks in the NFT floor price.
It is important to remember some important differences between the two collections. Back in 2017, Larva Labs was the first to create NFTs, who are also the creators of CryptoPunks. The project has historical value and has long ruled the market in terms of trading volume. Owners of the CryptoPunks NFTs are not allowed to put up their avatars for branding, commercial, and marketing purposes. That right is reserved for companies. Recently, Larva Labs and Hollywood agency UTA signed a deal to use CryptoPunks' image in mainstream media.
On the other hand, the creators of the Bored Ape Yacht Club, Yuga Labs, are very community-centric and utility-focused. From its ongoing collaborations, such as the most recent one with Adidas Originals, to the increasing adoption of mainstream media and celebrities, the attention and appeal of Bored Apes has increased and so have the prices of its collections. In addition, BAYC owners have full creative and commercial licenses to their assets because Yuga Labs granted them full intellectual property rights from the start.
BAYC's NFT base price which has risen above CryptoPunks for the first time indicates that public sentiment towards BAYC's future is very bullish. Floor prices have continued to rise over the past few months, in contrast to CryptoPunks' steady decline.
Bored Ape Yacht Club is also planning to launch its own token in Q1 2022, as per an announcement on Twitter last October. This will certainly add to the bullish assumption for BAYC in terms of utility.
Then there is another popular NFT that is rapidly catching up to the popularity of BAYC and CryptoPunks, namely RTFKT Studios. At the moment of writing, the collaboration between Takashi Murakami and RTFKT Studios' Clone X is ranking second in terms of trading volume on OpenSea.
Given that all the 'luxury' NFTs described above require ETH as a means of payment, the next question is how high can ETH fly?
In the mid-term from a H4 perspective, ETH looks still ranging with a bearish tendency, indicated by movement below the 200 MA and stuck with the 100 MA, which at the same time has a supply area around 4,000. However, there seems to be an uptrendline as well as the 50 MA that supports ETH at the moment.
However, in the long term, ETH still looks very bullish and this bearish move is only a correction. If you believe that the world will open up more with NFT, which will automatically boost the value of ETH, then get ready to trade crypto with ZFX!
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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