Sales Of CryptoPunks Surges By 1,219% In 24-Hour Span, After Their Acquisition By BAYC Creators

• The sales of the CryptoPunks skyrocketed after the announcement of its sale to Yuga Labs, the creator of the popular Bored Ape Yacht Club.

• In the mere span of 24-hours, the secondary market sales of the Ethereum NFT collection experienced a rise of 1,219%, climbing to over $18.8 million.

• Along with CryptoPunks, the Bored Ape Yacht Club also purchased Meebits whose sales also increased by a hike of over 529% in the past 24-hour as compared to the previous span, according to the data from CryptoSlam.

In a rather shocking announcement yesterday, Larva Labs revealed that it is transferring the rights for the popular CryptoPunks project to creators of the Bored Ape Yacht Club, Yuga Labs. Since the announcement, the demand for CryptoPunks spiked significantly. 

As per the data from CryptoSlam, in the past 24 hours, the secondary market sales of the Ethereum NFT collection crossed $18.8 million, a huge increase of 1,219% in the mere span of 24-hour.

Since Yuga Labs oversees the project, the latest buyers might be predicting an added value for the popular CryptoPunks. The creator of Bored Ape Yacht Club, Yuga Labs turned BAYC into a celebrity favorite in less than a year, skyrocketing its sales. 

Furthermore, Yuga Labs declared that it will render IP rights to each holder for their individual CryptoPunks images, similar to what the creator did for its popular Bored Ape collections. Larva Labs didn’t provide any guidance whatsoever in regards to the ability of holders to monetize their NFT images, the detail used to be a point of discussion for some CryptoPunks owners earlier. 

Besides the spike in sales volume, the cheapest available NFT in the project listed on a marketplace or the floor price – for CryptoPunks also experienced a surge of about 11 % during the span, climbing to a current price of more than 75 ETH (about $195,000).

Yuga Labs Also Buys Meebits: The Floor Price Of NFT Project Surges By 32%

As part of the deal, Yuga Labs also purchased Larva Labs’ Meebits NFT project IP. Over the past 24 hours, the sales of Meebits also spiked reaching approximately $18.5 million, according to the data from CryptoSlam, representing a hike of over 529% increase as compared to the previous span. In addition, the floor price of Meebits climbed by 32% during the span, reaching close to 5.6 ETH ($14,500).

In the meantime, —a series of community-made Ethereum NFTs based on the faulty, the so-called V1 CryptoPunks Wrapped collection discarded original CryptoPunks smart contract in the past 24 hours, experienced a 6,695% spike in its sales. Over the past day, although Larva Labs abandoned the project, it has still collected over $1.6 million in secondary sales.

Leveraging the benefit of increased momentum, the Bored Ape Yacht Club itself made some profit as it increased approximately 307% from the previous 24-hour span, per CryptoSlam– with $7.3 million in NFT sales over the last day. The floor prices also climbed 12%, at the time of writing standing at around 82 ETH ($212,000).

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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