More On: NFTs
Since Larva Labs announced the sale to Yuga Labs, sales of the O.G. Ethereum profile photo collection have skyrocketed.
Yesterday afternoon, Larva Labs stunned the NFT world by announcing that it would sell the IP for the popular CryptoPunks project to Yuga Labs, the makers of the Bored Ape Yacht Club. After the story spread, CryptoPunks began to sell like hotcakes.
Secondary market sales of the Ethereum NFT collection totaled $18.8 million in the last 24 hours, according to CryptoSlam data, representing a 1,219 percent rise over the previous 24-hour period.
New customers may expect more value from the CryptoPunks project now that it will be managed by Yuga Labs, the company that converted the Bored Ape Yacht Club into a sales juggernaut and celebrity favorite in less than a year.
Yuga Labs has announced that it will award IP rights to the owners of particular CryptoPunks photos, similar to how it has done with its own Bored Ape collections. That issue had previously been a source of dispute for some CryptoPunks owners, as Larva Labs had previously provided ambiguous guidelines regarding holders' capacity to market their NFT photos.
In addition to increasing sales volume, the floor price—or the cheapest available NFT in the project posted on a marketplace—for CryptoPunks has increased 11 percent throughout the period, reaching a current price of more than 75 ETH (about $195,000).
As part of the sale, Larva Labs also sold its Meebits NFT project IP to Yuga Labs. Meebits sales increased 529 percent in the last 24 hours, reaching $18.5 million, according to CryptoSlam data. During that time, the Meebits floor price has risen by a whopping 32% to nearly 5.6 ETH ($14,500).
Meanwhile, sales of the so-called V1 CryptoPunks Wrapped collection—a collection of community-made Ethereum NFTs based on the defective, abandoned original CryptoPunks smart contract—have increased by 6,695 percent in the last 24 hours. Despite the fact that Larva Labs has disavowed the project, it has produced over $1.6 million in secondary sales in the last day.
According to CryptoSlam, the Bored Ape Yacht Club is also benefiting from the increasing momentum, with $7.3 million in NFT purchases over the last day—a 307 percent increase from the prior 24-hour period. The floor price has also increased by 12%, and it now stands at 82 ETH ($212,000).
Furthermore, the newer Mutant Ape Yacht Club has witnessed $4.5 million in purchases in the last 24 hours, representing a roughly 79 percent rise day over day. The Mutant Apes floor has risen by 9% to 18.5 ETH (almost $48,000).
To date, CryptoPunks has generated more over $2.1 billion in lifetime secondary trade activity, with the newer Meebits accounting for approximately $425 million (after wash sales are excluded). The Mutant Ape Yacht Club has generated $987 million in secondary sales, while the Bored Ape Yacht Club has generated more than $1.4 billion.
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