CryptoPunks Vs Bored Apes, Which One to Collect?

Known as two NFT collections with the most expensive price and mainstream popularity, CryptoPunks and Bored Apes are often compared to each other.

There has been a huge debate on which NFT project is worth the investment. Is it CryptoPunk? Or is it Bored Ape Yacht Club? Let's dig deep into both projects so we can make our final decision.

What is CryptoPunk?

A CryptoPunk is a one-of-a-kind avatar that has a resolution of 24 by 24 pixels and is designed in the 8-bit style. Matt Hall and John Watkinson, both software developers, carried out an experiment that would later provide the basis for their product in the year 2017.

The two individuals had the goal of developing a piece of software that was capable of producing thousands of distinct avatars. They initially believed that they would be able to utilize this software to create an application, but these avatars quickly became a brilliant leap in technological advancement. In the end, the software was responsible for the creation of a total of 10,000 avatars.

Hall and Watkinson were able to alter people's conceptions of what it meant to 'possess' something with the use of the Ethereum blockchain. The rebellious and anti-establishment attitude of the growth of blockchains was reflected in the avatars themselves, which were influenced by the British punk culture of the 1970s.

Although it is possible for anybody to snap a screenshot of these avatars or download a picture of them, technically speaking, only one individual can be considered the "owner" of any given avatar. Because of such a reason, purchasing them is considered to be a very high-profile move.

Even if each avatar in the collection has its own personality and quirks, some are more difficult to find than others. This is determined by the one-of-a-kind piece of code that is utilized to create each avatar. Over 9,000 of the avatars are human women and men, but a handful takes the appearance of aliens, zombies, and even apes.

Avatars may be created in any form you can imagine. The more uncommon avatars typically have costs that are much higher than average. The cost of an Avatar will increase proportionally with the number of accessories it has. The maximum number of accessories that may be worn by a single avatar is seven, which results in the item being both extremely uncommon and extremely costly.

What is Bored Ape Yacht Club?

In 2021, four individuals established Yuga Labs, which later became the parent firm of the Bored Ape Yacht Club. Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass are the cartoonish pseudonyms that the company's creators go by. At least, that's what they thought until BuzzFeed broke the story and revealed who Gordon Goner and Gargamel really were on February 2022.

It was discovered that Gargamel is actually a writer and book reviewer named Greg Solano and that Gordon Goner is a 35-year-old Wylie Aronow. Both then proceeded to disclose their genuine names on Twitter along with their respective Bored Apes. After that, Emperor Tomato Ketchup and No Sass took the same approach.

In the case of BAYC, the goal was to merge the collectible-art aspect of NFTs with community participation. This would, in essence, provide ownership of NFTs some use beyond the scope of status symbols for the crypto cool kids subculture.

By enabling users to acquire NFTs that act as rights to vote on the creative direction of Jenkin's first book release, the proprietors of Jenkins are in the process of establishing a community that may be thought of as a type of sub-BAYC. People are required to pay a fee to participate in what is effectively a huge communal effort.

In August of 2021, BAYC manufactured 20,000 genetically modified apes. They sold the 10,000 tokens to the general public for 3 ETH each in an effort to recruit new members. It was highly successful as the full set was purchased within the first hour, resulting in a revenue of $96 million.

As a free airdrop, all owners of Bored Apes were given 10,000 digital vials of mutant serums. With these, they were able to create new mutant apes by minting them with existing Bored Apes. In addition, they would be able to make a profit by selling the new NFT on the secondary market.

Which is the Better Investment?

The Apes and the Punks have both been mentioned as potential blue chip investments as far as NFT assets go. Yet, there has been a significant amount of controversy around this claim. If you invest in Apes at the moment, you are subjecting yourself to a significant level of risk. I would say that CryptoPunks are the way to go because of the indisputable historical worth that they possess.

As a matter of fact, I don't think the Bored Ape Yacht Club is invincible, and there are plenty of reasons why they may still end up at 0. For one, Yuga Labs has engaged in several risky activities over the course of the previous six months.

Because they seek to develop an ecosystem to raise floor prices, the value of their NFTs is now related to a wide variety of circumstances that cannot be predicted. They have issued an ERC-20 token as well as a 200k land collection and they have stated that they would be developing a video game. Even if each contributed to an increase in value in the short term, there will be a need to strike a careful balance between them to keep prices stable in the long run.

On the other side, CryptoPunks have not developed any kind of ecosystem at all. There is no delicate economic balance that needs to be maintained. There will be no deflationary forces on the coin, and there will be no mechanisms designed to entice the mainstream audience to the video game. There are no artifacts or materials that may be transferred that need utility.

The fact that CryptoPunks were the first non-fungible token (NFT) collection ever produced gives them significant value. This is something that will always remain the case. They are and will always be of this significance for they have an undisputable value that comes from inside. Punks' prices will go up and down in tandem with market fluctuations; nonetheless, so long as NFTs continue to have any kind of relevance, Punks will continue to have worth.