CryptoPunk NFTs base price, competitor collection on Monday Bored Ape Yacht Club briefly surpassed its price, fueling the stagnating digital collectibles market again.
As it is known, it is called “flippening” when an asset that has been the leader in the crypto money world for a long time loses its place to the second asset.
This latest event also went down in history as one of the rare flippening events in the crypto market.
The base prices for NFTs are the lowest price a person must pay before they can purchase an item from that collection.
CryptoPunks’ NFT Leadership Didn’t Last Long
However, this flippening in the digital collectibles world did not last long.
Bored Ape Yacht Club reclaims its throne as the leading digital collection on OpenSea. The base price of both collections is approximately 66-67 Ethereum watching level.
It’s not the first time the CryptoPunks collection has found itself at the top, or at least nowhere near the top. The early digital collection project held the title of most valuable collection from 2019 until last December, when it surpassed Bored Apes.
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NFT prices have plummeted over the past few months as crypto markets went through a turbulent period in May and June following the collapse of Terra’s Blockchain and the ensuing liquidations. ETH has fallen 68% since November, hurting Ethereum-based collectibles when measured in dollars.
Over the past three months, NFT trading volumes have accompanied the decline in crypto prices. At the beginning of the year it was usual for BAYC to record sales in excess of 300 pieces per week, but in the first week of August, sales dropped to as low as 70.
*Not investment advice.