In brief

  • The cheapest-available (or floor price) Bored Ape Yacht Club NFT topped the floor CryptoPunks NFT for the first time this morning.
  • The two largest Ethereum profile picture projects have varying approaches to community engagement and commercialization rights.

For the first time, the cheapest-available (or floor price) Bored Ape Yacht Club NFT now costs more than the lowest-priced CryptoPunks NFT on the market—an event that underscores a shift in sentiment when it comes to the two leading profile picture projects on Ethereum.

As of 10am ET on Wednesday, the lowest-price CryptoPunk listed for sale on creator Larva Labs’ own marketplace was priced at 52.69 ETH, or just over $210,000. At the same moment, the cheapest-available Bored Ape Yacht Club NFT on leading NFT marketplace OpenSea was 53.9 ETH, or about $217,000.

It’s a flip that some might have thought impossible only months ago, as the upstart Bored Apes—which launched in April—were trailing well behind the long-established CryptoPunks, which were minted back in 2017.

CryptoPunks prices surged in late summer, with the floor price topping $100,000 for the first time in early August. By the end of the month, the floor was above 100 ETH (about $340,000 then), following the project’s best single day of secondary trading volume (over $143.5 million on August 28) and major news, such as Visa buying a CryptoPunk.

At the time, the Bored Ape Yacht Club’s floor price was less than half that of CryptoPunks. But over the last few months, the Bored Apes have caught fire thanks to a number of splashy events,…

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