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NFT cloud: Is it possible for the CryptoPunks to flipped?

NFT cloud: Is it possible for the CryptoPunks to flipped?

Have you heard about NFT cloud? Crypto What are the primary variables fueling the conversation on Twitter about whether the Bored Ape Yacht Club floor pricing will eventually flip CryptoPunks?

The battle between these two collections is motivated by numerous variables, including tip-toeing around whose collection is the top NFT candidate. The BAYC and CryptoPunks collections have many unique holders, owing to the current split between mainstream media adoption and the IP rights provided to its owners. This is significant since the number of individual holders frequently indicates a larger number of owners, implying that the project’s overall or floor value is less dependent on a single sale.

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Two different labs and visions of NFT cloud

Many believe that a “Flippening” is inevitable because of CryptoPunks’ immobility compared to BAYC’s active marketing approach. While there are various copyright alternatives available to authors, LarvaLabs does not provide the “no rights reserved” option to add fuel to the flames.

As a result, many people have resorted to Twitter to support the theory. Based on principle and disagreement with Larva Labs’ stance on Creative Commons 0 (CC0), sometimes known as “no rights reserved,” one now-defunct CryptoPunk #4156 was sold for 2,500 Ether.

Aside from IP difficulties, it appears that people are rallying around the “flippening” since BAYC looks to have perfected its entire marketing and strategic alliances.

Take a look at the NFT market

The amusing yet bored-appearing Apes were released on April 20, 2021, for 0.08 ETH, which was worth $300 at the time. The market began to increase shortly after other influential figures, including NBA star Stephen Curry, began changing their Twitter profile photographs to Apes, establishing the NFT cloud collection as an apparent “blue chip.

BASIC appears to be on a different path than CryptoPunks, gaining mainstream media interest and celebrity endorsement. But, more than just people, BAYC is deliberately working with other companies like Adidas and, most recently, Animoca Brands, a Hong Kong-based software business specializing in Blockchain gaming, for future play-to-earn (P2E) games.

BASIC mentions possible interoperability — the capacity to interchange data across multiple systems or, in this example, Metaverses — in confirming its cooperation with Adidas.

On June 23, 2017, anyone with an Ethereum wallet may produce CryptoPunks for free. The only cost was the cost of gas to go to the mint. Although many people thought CryptoPunks was the first “NFT,” the token is not ERC-721.

According to the NFT cloud, the code used to purchase, sell, and exchange CryptoPunks on the Blockchain is no longer under its control. Instead, it gave the code more confidence via openness by relinquishing control, expecting it to deliver what it promised.

Whether or if the community expected this is another thing.

Creators control the IP or bust

There appears to be a movement in opinion about the utility of an NFT collection. For example, who owns the rights: the inventor or the owner? This is an ongoing debate among the NFT cloud community.

Many people are skeptical of enterprises that provide their owners’ restricted rights. However, only a tiny percentage of NFT projects adhere to the CC0 philosophy, stating that “no rights are reserved.” CrypToadz and NounsDAO, a project beloved to @punk4156, are two of the few NFT projects that operate in this fashion.

The restricted powers offered to CryptoPunks owners did not satisfy the famous CryptoPunks Ape Punk #4156, who changed their tune. Even though it put up its close ties to CryptoPunks, notably the one behind their “brand” Punks #4156, one of the collection’s rarest varieties for sale, their Ape punk band was up for sale for 2,500 ETH, worth $10.26 million. Many people have flocked to Twitter to react to selling the third-highest valuable CryptoPunks.

Copyright difficulties forced one of the community’s most prominent members away, and given its reputation, many are looking to the left-leaning CryptoPhunks. Supporters of Phunks claim to be on the “right side of history” since they purportedly grant the company’s owners IP rights.

Regardless of the claimed and provided rights, there is something to be said about statistics, and the BAYC collection’s numbers and NFT cloud are undeniable.

Power in numbers on NFT cloud

According to statistics from OpenSea, the BAYC collection has gathered a trading volume of over 44 Ether in the previous 30 days. Incredibly, the floor price of BAYC increased by almost 50% in November alone, with an average price of around 56.5 Ether, implying that its floor may potentially approach that of Punks.

In comparison, the Crypto Punks collection has amassed 32,005 Ether in the previous four weeks. According to Dune Analytics, the floor price of Punk #4156 has been continuously declining since its sale and is now down 7% from last month.

Because floor prices are so important, the number of unique holders in an NFT cloud collection is sometimes underestimated. When one focuses solely on the quantity of liquidity being exchanged, one overlooks the number of people who own the token.

One may argue that the more unique holders a collection has, the more likely it will be successful. This is because of its widespread adoption, which means it is less vulnerable to a tiny number of individuals who might quickly light a fire with a single transaction.

According to Dune Analytics, the top 1% of Apes held is 1.05 percent, implying that no wallet keeps more than 105 Apes. Because fewer wallets make up a high percentage of ownership in the BAYC collection, a more significant number of people in the community won a majority of the collection and shared a feeling of collective worth. Members of the Bored Ape Yacht Club community are “diamond handing” to safeguard the brand’s value, which it appears to have captured through partnerships.

Does it matter if there’s a possible “Flippening” on the NFT cloud?

When will BAYC flip CryptoPunks?” is a big question. However, perhaps the more critical issue is whether it matters.

Apes would never outprice premium tier punks like Aliens or the CryptoPunk variant of Apes, regardless of whether they flip Punks. Some argue that the BAYC collection lacks a variety of visual “status stratification,” making them more difficult to appraise.

Only time will tell if Apes can outsmart Punks on the NFT cloud. After that, the narrative might evolve, focusing less on both collections’ market caps and floor prices and more on the value both groups generate over time. Independent of copyright restrictions. After all, another possible “blue chip” is always on the horizon.

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