The popular NFT collection CryptoPunks is making a comeback this year despite the ongoing bear market for NFTs. According to CoinGecko, CryptoPunks currently holds the top spot in the NFT market with a 30.9% share among the top collections. This is a significant increase from its 24.8% share at the beginning of 2022, when it was trailing behind Bored Ape Yacht Club (BAYC) with a 29.3% lead.
Although CryptoPunks briefly overtook BAYC in November 2022, it fell back to second place but maintained a close gap. However, in May 2023, it finally reclaimed the top spot due to its more stable floor price. Since then, its dominance has ranged from a low of 14.0% in May 2022 to a peak of 36.6% in January 2024. In 2023, CryptoPunks achieved a rare feat by increasing its market share by 10%, growing from 23.6% to 33.6%.
Despite a slight decline since the beginning of this year, CryptoPunks remains the largest NFT collection, holding over 29.5% of the market – more than double any other collection’s share. On the other hand, BAYC has seen a notable decline in market dominance, falling from a 29.3% peak in January 2022 to 12.8% in October 2024, with its floor price also significantly down from its May 2022 high. This drop reflects the challenges faced by PFP NFTs due to oversupply and high prices.
Another popular NFT collection, Mutant Ape Yacht Club (MAYC), has also lost market share, sliding from 8.5% to 4.1% and dropping in rank. Similarly, Otherdeed for Otherside, BAYC’s metaverse land NFT, has seen its initial strong market presence fade, falling from 4th to below the top 10 rankings by mid-2023.
However, amidst the decline of some top NFT collections, Pudgy Penguins and Milady Maker have seen a steady uptrend. Pudgy Penguins entered the top 10 NFT collections in September 2023 with a 2.7% market share and has since seen its dominance grow to 9.5% by October 2024. Milady Maker also joined the top 10 in August 2023 with a 2.5% share and has maintained its place since April 2024, gradually increasing its market share to 4.5% by October.
The rise of Pudgy Penguins and Milady Maker is particularly notable in the wake of ‘blue chip’ NFT price crashes that saw six PFP collections drop out of the top 10 rankings – Moonbirds, Veefriends, Doodles, Meebits, World of Women, and Cool Cats. This shows that there is still demand for NFTs, but collectors are becoming more selective and cautious in their purchases.
In conclusion, CryptoPunks’ resurgence and the rise of Pudgy Penguins and Milady Maker demonstrate the ever-changing landscape of the NFT market. While some collections may fall out of favor, others may rise to take their place, making it an exciting and dynamic space for collectors and investors.
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