After Elon Musk’s controversial tweet declaring that he will no longer have a profile picture displaying a Non-Fungible Token (NFT), there has been speculation about the impact this decision would have on the NFT market and two prominent projects in particular, Bored Ape Yacht Club (BAYC) and CryptoPunks. However, recent data suggests that these NFT projects have managed to maintain their momentum, despite Musk’s announcement.
According to data from DappRadar, the number of daily active users for CryptoPunks has remained steady since Musk’s tweet. The project continues to see robust trading activity, with the average trading volume showing only a slight dip. Additionally, Bored Ape Yacht Club (BAYC), another popular NFT project, has also been experiencing growth. The number of unique owners of BAYC avatars has increased, as has the trading volume for these digital assets.
This resilience of BAYC and CryptoPunks could be attributed to the fact that these projects are not solely reliant on Elon Musk’s endorsement or profile picture display. Both projects have established their own strong communities and unique value propositions that go beyond Musk’s involvement. Bored Ape Yacht Club, in particular, stands out with its exclusive membership perks and limited supply, which gives it a sense of prestige and desirability.
Some experts believe that while Musk’s opinion may carry weight in the broader crypto community, it might not have a significant impact on the long-term value and popularity of individual NFT projects. This sentiment is supported by the continued interest and activity observed in BAYC and CryptoPunks after Musk’s announcement.
In conclusion, Elon Musk’s decision to remove his NFT profile picture does not seem to have hindered the growth and popularity of Bored Ape Yacht Club (BAYC) and CryptoPunks. These projects have managed to maintain their momentum and attract new users, showcasing the resilience and strength of the NFT market beyond individual endorsements. It seems that BAYC and CryptoPunks have cemented their positions as coveted digital assets, regardless of Musk’s participation.
