Bored Ape Vs Crypto Punks: Which NFT Is Better?| MENAFN.COM

Monday, 05 December 2022 03:10 GMT

Bored Ape Vs Crypto Punks: Which NFT Is Better?


(MENAFN- Chmeruk Oleksandr)

If there are any collections that have stayed true to the NFT cause since the buzz in 2021, it’s the Bored Ape Yacht Club (BAYC) and Crypto Punks. These blue chip collections were one of the most popular NFTs created on the Ethereum blockchain. Interestingly, they have remained relevant despite a decline in the NFT market. Because of the value they bring into the ecosystem, and their worth, there have been comparisons. One of the most popular being “which is the better NFT”? This is one dicey question that anyone may find difficult to answer. So, we will leave you to be the judge while we tell you about these collections and how they have remained top of their game. Both BAYC and Crypto Punks have been the highest NFT collections in sales but which is better? Read this article to the end and find out.

Bored Ape Yacht Club (BAYC)

The Bored Ape Yacht Club, popularly called BAYC was created by YugaLabs, a web3-focused organization. BAYC is a collection of 10,000 NFTs which YugaLabs describes as unique. So, what do the owners of these Bored Apes get?

As a Bored Ape holder, you get access to a Yacht club membership card, and access to a collaborative board called “THE BATHROOM”. However, it does not just end at these levels as there are more. There are numerous members-only benefits that BAYC holders have that an average human can find difficult to access. However, websites like Bitcoin Loophole which have special connections to top heads in the crypto sector get valuable information for people interested once in a blue moon. For example, there have been meet ups in the UK, California, New York and Hong Kong. Although many people have said that it’s just a status symbol, NFT enthusiasts seem to disagree. That takes us to the question that you could have been thinking about.

How Much Does a Bored Ape Cost?

Bored Apes are not cheap assets like the regular NFT you might find on marketplaces. Depending on your income level, you could say that they cost a fortune, probably call it “life-changing money”. As of April 2022, the least BAYC was worth a whopping $400,000. So, if you were wondering why it’s the likes of Snoop Dogg, Justin Beiber and Eminem that own one, there you have your answer.

However, the cheapest Bored Ape was no longer worth up to that at the time of this writing. Well, we doubt if anyone expects the price to remain the same or continually increase since NFT are still linked to the crypto market. With Ethereum trading below $2,000, the floor price of the BAYC collection also tanked. A look at OpenSea showed that the least Bored Ape was trading at 74.9 ETH. This price was approximately $113,000. 

Besides its utility, many holders believe that the collection could turn out to be a big brand in future. Interestingly, the signs are already there. For example, Eminem and Snoop Dogg have a music video where the BAYC community was the literal concept. As expected, some doubters of the crypto industry have predicted that the whole NFT concept was a scam and the BAYC would finally go to zero. Despite that, there continue to be more and more belief displayed by its community especially on Twitter.

Away from BAYC, let’s look at the 2017-birthed collections, Crypto Punks. Are they any better than Bored Apes?

Crypto Punks

 

Unlike Bored Apes, Crypto Punks were created by Larva Labs. Referred to as the team of “Matt and John”, Larva Labs created the 10,000 unique punks character and have gone on to make millions of dollars in trading volume. The interesting part is that they existed before BAYC and were called the benchmark for almost all NFT collections.

At the time of this writing, the total sales of Crypto Punks were at an estimated $1.16 billion with cheapest punk valued at $62.95 ETH. Hold on, but why do Crypto Punks cost the same price it takes to buy a home in San Francisco?

Why a Crypto Punk Is Valuable?

One part that the Crypto Punks relies for determining its worth is that it was one of the first collections on the Ethereum block chain. This uniqueness is what it has built upon and led to the incredible growth of the assets. In addition, it formed the basis for which a lot of other NFTs were formed including the BAYC. In addition, one of the most expensive NFT ever sold is a part of the Crypto Punks collection. It was the Crypto Punk #5822 which was sold for $23.7 million. Interestingly, this same unk is a part nine exclusively unique punks inside the collection.

Just like BAYC, there are several celebrities who won Crypto Punks. For example, Crypto Punk #6095 is owned by famous musician, Jay-Z. He bought it for $127.71 million. Another example is Superbowl star, Odell Beckham who “bragged” about owning one when his team won the Superbowl Championship in February 2022.

Who Wins the Race?

Like most investments in the crypto space, NFTs are not exempted from booming or losing their value. It’s the same case with BAYC and Crypto Punks.  So, there might not necessarily be any winner in the race. Maybe you can call one a better collection but it could all be sentimental. Hence, both the Bored Ape collection and Crypto Punks are great NFT collections.

So, if you are thinking of owning any of the two collections, know that there are risks involved. Your NFT which may be worth $100,000 today could dump to $30,000 in a short while. Similarly, it could be the other way around.

In conclusion, if you’re not sure how to get a BAYC or own a Crypto Punk, you can visit the OpenSea NFT marketplace. Alternatively, the official websites of both collections also give you the opportunity to buy. That said, you should do your own research or consult with an investment advisor if you’re looking to cash in on the asset later in future.


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Chmeruk Oleksandr

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