The NFT marketplace has palpably been expanding, thanks to the popularity explosion of such tokens. Projects out here in this space have been finding it challenging to keep up with the surging demand and refining tastes of consumers. Nevertheless, two of the evergreen collections – Bored Ape Yacht Club and CryptoPunks have been able to maintain their respective competitive edges.
Are the apes and punks marching hand-in-hand?
Despite being ranked fourth on the ‘top collections’ list, CryptoPunks witnessed a 90% volume dip over the past day. Bored Ape Yacht Club, on the other hand, managed to polish its numbers by 124%. As far as the traders and sales numbers are concerned, BAYC registered an impressive growth on both fronts, while CryptoPunks’ state deteriorated. Nevertheless, in terms of absolute numbers, the latter collection had an upper hand, yet again.
Interestingly, data from DappRadar brought to light that the top 5 sales over the past day comprised of tokens only from the BAYC and CryptoPunks collection.
In terms of the number of HODLers, BAYC clearly has an upper hand when compared to its CryptoPunks counterpart. Nonetheless, with respect to the cumulative volume traded, the latter currently overshadows the former to a large extent.
The said datasets clearly highlight that both the projects have been able to thrive independently, despite the direct competition induced.
However, BAYC has been trending for quite some time on social media, and people have been talking about it in social circles. All the hype and hoopla surrounding this project are justified to a large extent. Here’s why:
This is what makes BAYC such a big deal
At this stage, it wouldn’t be wrong to claim that owning apes from this collection has become a status symbol. In fact now, with Twitter allowing HODLers to outrightly feature NFTs as their profile pictures, apes have gradually started becoming one of the most commonly-featured images.
Alongside, the floor price of this collection has managed to maintain its macro uptrend. The same peaked a couple of days back at 129 Ether. This means that an NFT enthusiast would have to incur a minimum cost of at least $374k to own a token from this collection.
Despite most of the sales happening in and around the 200 Ether mark, a couple of them have managed to breach 800 Ether recently. People readily spending such massive amounts of money speaks volumes about their conviction with respect to the future prospects of the project.
Like every other NFT trend, the Bored Ape Yacht Club one too is quite contagious. Seeing prominent public figures like Eminem, Steph Curry, Post Malone, Serena Williams, and Justin Bieber’s own enchanting apes from this collection, other people from the space have started jumping onto the BAYC bandwagon. In effect, the adoption rate of this project has been on the rise too.
The growth of this project has been structured and consistent. With the social sentiment and conviction getting stronger every day, the project is set to flourish even more going forward.