CryptoPunks vs Bored Apes After FTX: What Changed in NFT Prices

The FTX collapse began in early November 2022. FTX was a centralized cryptocurrency exchange, and it was also the operator of a large trading business and a token called FTT. Early that month, reports questioned the balance sheet of its affiliated trading firm. Customers rushed to withdraw funds, the exchange halted withdrawals, and it filed for bankruptcy on November 11, 2022.

The failure caused billions of dollars of customer funds to become inaccessible. Bitcoin, ether, and many altcoins fell sharply in the same weeks. FTT lost most of its value, and the founder of FTX faced criminal charges in the United States, which led to a conviction in 2025.

For NFT collectors, the shock was not about a single contract or collection. It came from a broader loss of confidence in centralized platforms, lower overall market liquidity, and fewer buyers willing to pay high prices. The effect on collectible prices was a direct result of that wider sell-off.

If you are reading about this now, keep the timeline in mind. The collapse was a single event within a longer downturn, and later price moves reflected many other factors as well.

NFT markets are thin compared with major cryptocurrencies. A limited number of buyers set most prices, and a single large sale can move a floor. When a shock hits, sellers outnumber buyers, and listings pile up faster than bids appear.

Several pressures combined in late 2022:

• Traders who used borrowed funds were forced to sell assets to meet margin calls.
• Collectors who held a mix of tokens and NFTs reduced exposure across the board.
• Some buyers stepped back until the situation was clearer, which left fewer bids.
• Confidence in platforms and counterparties fell, so buyers wanted safer, more established items.

The result was that prices fell in most collections, but not evenly. Items seen as deeper and more established tended to hold more of their bid support, while others saw wider drops because fewer buyers were active.

This is why the phrase flight to quality is often used in these moments. Collectors moved toward collections with longer track records, bigger communities, and clearer ownership history. Whether that describes every buyer is less certain, but the pattern is consistent with what market observers described at the time.

CryptoPunks and Bored Apes are both large, historically important Ethereum NFT collections. They differ in origin, design, and ownership structure, and those differences matter when you compare them during a downturn.

CryptoPunks were created by Larva Labs in 2017. The collection has 10,000 pixel-art characters. Yuga Labs acquired CryptoPunks and related intellectual property from Larva Labs in 2022. Bored Ape Yacht Club was launched by Yuga Labs in 2021 with 10,000 ape images, and it became one of the best-known profile picture collections.

The table below summarizes the main differences as they relate to market behavior. It is a general guide and not a price forecast.

Factor	CryptoPunks	Bored Ape Yacht Club
Launch	2017	2021
Supply	10,000	10,000
Art style	Pixel art, 2D	Cartoon ape illustrations
Current owner of IP	Yuga Labs (since 2022)	Yuga Labs
Trading history	Long, with many early sales	Shorter, peak interest in 2021 to 2022

The key point is age and history. CryptoPunks has a longer record of sales and of being treated as a blue-chip collectible, which can make its pricing more familiar to some buyers.

Market commentary after the collapse pointed to several reasons the CryptoPunks market seemed steadier than the Bored Ape market at certain points. None of these reasons is a guarantee, and the evidence is mostly based on sales and listing patterns rather than detailed buyer surveys.

First, CryptoPunks had been a reference point for NFT value since before the 2021 boom. Many collectors treat it as the original blue-chip item, so demand tends to be more persistent when sentiment weakens.

Second, the number of CryptoPunks in circulation and the way they trade may have made the floor more responsive to bids from long-term holders. Some owners were not forced sellers, which can slow the decline in price.

Third, a smaller group of very high-value trades can influence headlines. A single large sale can make a collection look stronger than the broader floor suggests, so it is worth looking at the number of sales, not just one headline figure.

A more recent example is a 2025 report in public reporting describing a CryptoPunk sale at about 2.5 million dollars during an NFT market upswing, with the author noting that the two collections were once again trading in a similar conversation. Use that as a snapshot of one period, not as evidence of a lasting ranking.

The FTX collapse also raised questions about how some customers accessed funds, and NFTs were part of that discussion. Reports in November 2022 suggested that some FTX customers may have used a loophole involving NFT-linked lending to recover funds before the bankruptcy filing. Details of such arrangements were complex and were still being examined in legal proceedings.

The general mechanism works like this. A user pledges an NFT as collateral for a loan, sometimes through a platform that accepts NFTs as security. If the lending arrangement is not structured carefully, the borrower may be able to obtain liquidity while the NFT remains in their possession or in a related account. Whether any specific transaction was allowed or improper is a question for courts and regulators, not for a general guide.

For readers, the practical lesson is about counterparties and documentation. Before using an NFT as collateral or depositing it with a service, understand:

• Who holds the asset while the loan is active
• What happens if the lender or platform fails
• Whether the agreement lets the platform sell or move the asset
• How you would prove ownership and recover the item

These questions apply whether the platform is centralized or decentralized, and they matter more during a market shock than in calm periods.

A floor price reflects the cheapest listing available at a moment in time. It is useful as a quick signal, but it can be misleading. If only one or two items are listed near the floor, a single buyer can change the reading. If many items are listed at similar prices, the floor may be more stable but still not reflect what the market will pay for a specific trait or token.

To understand a collection's price trend, look at a set of indicators together:

• Recent sales over several weeks, including the number of sales and the price range
• Open offers, which show how much buyers are willing to pay
• The number of listings and how quickly they sell
• Trait-level pricing, since rare traits can trade far above the floor
• Volume trends over longer periods, not single days

CryptoPunks and Bored Apes both have trait-based pricing, so a headline floor can hide large differences between items. A comparison that uses only the floor may not reflect the value of a particular token you want to buy or sell.

When you read reports about one collection outperforming another, ask which measure is being used and over what period. A chart that starts on a low day can make a recovery look larger than it was.

You can verify current market conditions without relying on news headlines. The following steps work for most Ethereum NFT collections:

1. Open a marketplace that shows complete sale history. OpenSea is a general option, and Punks Terminal focuses on CryptoPunks trading with trait filters.
2. Record the current floor price and the top open offer for the collection.
3. Check the last 20 or more sales, noting dates, prices, and any unusual outliers.
4. Look at the number of listings and how long they stay on the market.
5. Compare the same measures for Bored Apes and any other collection you follow, using the same time window.
6. Note any major events, such as platform changes, licensing news, or large holder movements.
7. Repeat the check after a week to see whether the pattern holds.

For Bored Apes, Mutant Ape Yacht Club is also from Yuga Labs and is listed on this site as a related collection. Viewing it alongside the parent collection can help you understand how the ecosystem trades, but it is a separate asset with its own pricing.

Keep a simple log of your checks. Price data changes often, so dated notes are more useful than memory when you revisit the topic later.

The FTX episode offers several lessons that remain relevant for NFT buyers and holders.

Liquidity is the first lesson. A collection can look valuable on paper, but if few buyers are active, a sale may take far longer or happen well below the last recorded price. Before buying, check whether you could sell at a similar price within a reasonable time.

Counterparty risk is the second. Storing an NFT on a centralized platform, lending it out, or depositing it in a service adds risk that the platform itself may fail. Self-custody in a personal wallet reduces some risks but adds others, such as losing access to your seed phrase.

Concentration is the third. Holding several items from one ecosystem can feel diversified, but they often move together in a downturn. Consider how much of your crypto holdings are tied to one collection or one platform.

Finally, avoid decisions driven by a single headline. A report that one collection outperformed another in a given week does not describe the risks you face. Read more than one source and check the underlying sales data.

Nothing in this guide is financial advice. NFTs can lose most or all of their value, and you should only commit funds you can afford to lose.

Market conditions after 2022 have changed several times. Public reporting includes a March 2026 report describing altcoins near record lows during a crypto market slump, which shows that downturns have recurred and that the sell-off mechanics described above can return. Current conditions for CryptoPunks and Bored Apes should be checked directly rather than assumed from 2022 patterns.

Several things are stable and worth remembering. CryptoPunks and Bored Apes are both Ethereum NFT collections with 10,000 items each. Yuga Labs has been connected to both through ownership or related intellectual property. Trait-based pricing, thin liquidity, and sensitivity to market sentiment remain features of NFT trading generally.

If you want to track this topic over time, watch for changes in:

• Sales volume and the number of unique buyers
• Spread between floor prices and recent sales
• Changes in listing counts during market stress
• Platform rules, fees, and any changes to royalties
• Regulatory developments that affect NFT trading

The lasting takeaway is that a headline about one collection beating another is a snapshot. The useful habit is to check current data, understand the mechanics, and make decisions based on your own risk tolerance.