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CryptoPunks and BAYC, the data on the chain tells you who is the king
Summarized by AI
Original title: "CryptoPunks vs BAYC, Who won the Blue Chip Battle?"
Original source: NFTGo WeChat public account
Last week, Yuga Labs acquired a collection of CryptoPunks and Meebits from Larva Labs. After the acquisition, Yuga Labs will own the brands, art copyrights and other intellectual property rights of these two series, as well as 423 CryptoPunks and 1711 Meebits, which also brings Come to discuss the copyright issues of NFT.
After the NFT skyrocketed last year, CryptoPunks’ average price fell by 61.40% in the face of the bearish crypto market. After the acquisition, its floor price has not changed much compared with before.
Despite the sharp decline in ETH, BAYC's valuation has not been affected much by the price of the cryptocurrency. The average price has increased by 88% compared with three months ago, and the floor price has increased after the acquisition.
The leader in the PFP market
Currently, the PFP project is the most popular in the NFT market One of the most popular categories, according to NFTGo.io's ranking data, PFP projects account for 70% of the NFT market share.
In the PFP project, CryptoPunks and BAYC are the two major heads respectively blue chip. Since NFT summer, these two projects have been at the top of the rankings, taking first and second place respectively.
CryptoPunks, founded in 2018, has been a big player in the NFT market shine. As the OG of NFT PFP, CryptoPunks is a representative of the identity and qualifications of NFT enthusiasts. Currently, cypherpunks account for 11.3% of the entire NFT market share
Pie chart of market share of different projects
Data source: NFTGo.io
Boring Ape (BAYC) is also a top blue chip that has received a lot of attention. It has reached a market value of more than 800 million US dollars and has grown from Obtained a valuation of $5 billion. In addition to BAYC, Yuga Lab also owns the MAYC (Mutant Ape Yacht Club) and BAKC (Mutant Ape Kennel Club) series, which collectively generated over $1.3 billion in revenue.
CryptoPunks vs BAYC, who is better?
Cypherpunk market performance
In the first week of October 2021, the market The frenzy raised the average price of Punk to 137 ETH. It is worth mentioning that the price of 1 ETH at that time was $4151, while the price of 1 ETH today is around $2700. Meanwhile, the CryptoPunk transaction broke the record for the most expensive PFP NFT transaction ever.
However, despite CryptoPunks' impressive performance in the past, the project has recently experienced severe price spikes and crashes. Comparing the price chart to summer 2021, the impact of the market downturn on CryptoPunks becomes even more apparent.
At present, many investors think that buying a few million dollars of pixel JPEG No value as the market is not as bullish as it used to be and FOMO sentiment is fading from the market. Despite this, CryptoPunks is still the OG NFT project with the most whales in the market, and it is almost a must-know project for beginners in the NFT field.
Market Performance of BAYC
Currently, with the NFT market downturn in the past week, BAYC volume increased by nearly 88.92%.
Last week, the highest sales of BAYC ranged from 120 ETH to 250 ETH no wait. There was also a transaction record of 666 ETH not long ago. From the high-value transactions and the entry of a large number of giant whales, it can be seen that they still believe that holding BAYC is a valuable asset, and they are willing to continue to buy in the event of a market downturn.
By observing the historical BAYC price chart of NFTGo, we can see that, with CryptoPunks The difference is that despite the sharp drop in the value of ETH, the ETH price of BAYC NFT has been rising, reaching a high price.
At present, the average price of Boring Ape has risen to 88.2 ETH, and the current value of ETH is about 2700 US dollars. The floor price has also risen 41% in the past 7 days.
We can multiply the average price by the ETH price at that time, and then The value is compared to today's valuation to calculate the net value loss of these two top blue-chip NFT projects.
In fact, as the price of ETH fell, CryptoPunks had a negative net change in valuation and BAYC had a positive net change. CryptoPunks relied on its genesis story and discovery to lead the market in the NFT summer, but in the face of the decline in the encryption market, its value also fell by more than 50%, which has a greater correlation with market sentiment. However, BAYC’s valuation has not been affected much by the price of the cryptocurrency and has maintained its original value despite the sharp decline in Ethereum.
The following shows the changes in the floor price of the first two projects of the IP acquisition. From mid-summer NFT to early January 2022. Both items saw declines, but CryptoPunks saw a steeper drop from the floor.
Data source: NFTGo.io
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Brand effect and narrative style
BAYC's team attaches great importance to membership, and gives BAYC's membership to the holder, and revolves around BAYC is gradually improving the members-only ecological content, including members-only BATHROOM, for them to create, graffiti, communicate, etc. Peripheral products such as T-shirts and hoodies are also members-only physical empowerment.
In addition, in addition to BAYC, Yuga Labs has also expanded its products horizontally to BAKC and MAYC, where pets in BAKC are free for each BAYC member, and only need to pay for gas. The IPs under the Yuga team have achieved mutual value support.
The commercial use rights of BAYC NFT are also given to specific holders. On December 22, 2021, 33 BAYC holders cooperated with Taiwan e-commerce groups to launch 3D three-dimensional dolls, fashion apparel and other businesses. This makes the realization of BAYC's commercial value more possible. Yuga Labs and renowned music executive Guy Oseary have signed an IP co-development agreement. At the same time, they also cooperated with Jimmy McNiles and even cooperated with Universal Music to form a virtual band with his four apes to jointly expand the music market. The development of BAYC is inseparable from its decentralization of NFT commercial copyrights and the increasingly complete ecosystem built around commercial copyrights.
The positioning of CryptoPunks is more like an NFT creation collection, and the value support behind it comes from the groundbreaking narrative elements it carries, just like It is an antique waiting to be collected, and it is more of a value storage method.
The relationship between the rarity and price of CryptoPunks and BAYC respectively is shown below. It can be seen that the value of collecting CryptoPunks is positively correlated with the rarity, the rarer the more expensive. BAYC's collecting behavior is mainly driven by membership, so the relationship between price and rarity is not as obvious as the former.
Data source: NFTGo.io
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Copyright issues under strong alliances
For a long time, Larva Lab has been silent about the development of CryptoPunks, but for commercial applications and Copyright issues, etc. have not been clearly stated. In August 2021, Larva Lab handed over the publishing and exposure rights of various film and television and entertainment platforms to UTA, a Hollywood agency, instead of handing over to the holder, and the founders blurred the copyright of v1 CryptoPunks after selling v1 CryptoPunks for large profits And other issues have caused dissatisfaction among holders.
In the post-acquisition statement, Yuga Labs emphasized that the first thing to do is to give CryptoPunks and Meebits NFT holders full commercial rights. It can also be traced back to when Yuga Labs initially granted BAYC and MAYC owners ownership and commercial use rights. Yuga Labs also plans to work with community members to combine these two NFT series with Web3 more.
Generally speaking, the copyright of NFT does not belong to the buyer. Yuga Labs has granted BAYC ownership and commercial use rights, which will be granted to buyers when a transaction occurs. BAYC grants Bored Ape NFT holders full commercial rights to use, reproduce and display purchased collectibles, as well as use it to create creative derivative works.
The copyright protection of digital native assets has always been a problem, because "copying and pasting" is too easy, making it very difficult to confirm and protect digital rights. The author's question about how to define the copyright of NFT followed.
In 2018, Dapper Labs, the encryption cat creation company, released the NFT License , clearly stipulates that NFT holders shall not arbitrarily change the artistic image of the NFT they hold, and shall not use it for commercial marketing or the production of third-party products. In addition, NFT holders shall not be associated with improper images, nor Register a trademark or obtain other intellectual property rights. It can be said that this standard basically excludes most of the commercial interests of the holder.
But this will be beneficial to the ecology ?
Smart project creators understand that only when the influence of the entire IP grows can it truly bring benefits to each holder. Yuga The case of Lab is a typical one. The encryption movement advocates an open, transparent and shared world, and its basic unit is the open community. Any copyright restrictions seem to be incompatible with the values of the encryption world.
Assume that the outcome of the copyright war is a quadrant. The far left of the X-axis is the completely closed copyright standard of the old world, and the far right is the fully open CC0 copyright agreement. It is worth noting that the final direction of NFT copyright depends on The attitude and promotion of the community and project parties.
Conclusion
Punk creators on the Internet They are not "very well suited" to support the project, they said. The merger of these two most powerful NFT projects also shows us that some projects can complement each other to build a better community together.
The reaction of the two project holders also bodes well for future growth expectations. Fans started the #ApesandPunksTogetherStrong campaign on Twitter to express their interest in the acquisition.
The current decline in NFT growth rate may also indicate that the market will become more mature. As the market gradually expands, there will be more similar copyright trading scenarios in the future. This cooperation may be a milestone event in the NFT ecosystem. The power generated by these two top blue-chip NFT projects is enough to change the development trajectory of the NFT market and bring more valuable opportunities for all NFT Hodlers.
This article is excerpted from "CryptoPunks vs BAYC, Who won the Blue Chip Battle?" To unlock the full article, please log in to NFTGo Research, or click on the original link.
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