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CryptoPunks surpasses BAYC in market cap as blue chip NFTs continue battle

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CryptoPunks’ market share rose to 8.63% while BAYC dipped below 8%. Wrapped CryptoPunks accounted for over 25% of the total NFT sales. The Non-Fungible Token [NFT] landscape, like other crypto verticals, faced its share of downsides following the USD Coin [USDC] depegging saga. The focus has now shifted to the ensuing battle unfolding between blue […]

Source: NFTGo

Cryptopunks pre-date the ERC-721, the main standard for NFTs on the Ethereum blockchain. Wrapped Cryptopunks is a dApp deployed on the Ethereum protocol, which allows holders to convert their original CryptoPunks into ERC-721 tokens on a 1:1 basis. These wrapped tokens could then be traded and exchanged in popular NFT marketplaces. It should be noted that Wrapped CryptoPunks are already listed on theThe FUD triggered by the depegging of USDC stablecoin had a significant impact on the NFT landscape. The overall sales volume plummeted by 55% from the beginning of March, while the market cap declined as well.

The blue chip NFT index, considered as a bellwether for the market, recorded a considerable drop of 2.5% over the last week. However, a slight recovery could be seen which could be due to the impetus provided by CryptoPunks of late.Subscribe to get it daily in your inbox.

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