The long-lasting NFT assortment CryptoPunks seems to be making a comeback this yr amidst the continuing NFT bear market.
Based on CoinGecko, the CryptoPunks assortment presently leads the NFT market with a 30.9% share among the many high collections, a place it solidified after surpassing Bored Ape Yacht Membership (BAYC) in Might 2023.
CryptoPunks Sees Resurgence However BAYC Loses Floor
Originally of 2022, CryptoPunks held a 24.8% share, trailing BAYC’s 29.3% lead. Although it briefly overtook BAYC in November 2022, CryptoPunks quickly fell again to second however stored an in depth hole, lastly reclaiming the highest spot in Might 2023 attributable to its extra secure ground worth. Between 2022 and as we speak, its dominance ranged from a low of 14.0% in Might 2022 to a peak of 36.6% in January 2024.
Nonetheless, CryptoPunks achieved a uncommon feat by growing its market share by 10% in a single yr, rising from 23.6% to 33.6% in 2023. Regardless of a slight decline for the reason that begin of this yr, CryptoPunks stays the most important NFT assortment, holding over 29.5% of the market – greater than double every other assortment’s share.
Yuga Labs’ flagship BAYC, alternatively, 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 ground worth additionally considerably down from its Might 2022 excessive. This drop displays the challenges confronted by PFP NFTs attributable to oversupply and excessive costs.
Mutant Ape Yacht Membership (MAYC) equally misplaced market share, sliding from 8.5% to 4.1% and dropping in rank. Otherdeed for Otherside, BAYC’s metaverse land NFT, additionally noticed its preliminary sturdy market presence fade, falling from 4th to under the highest 10 rankings by mid-2023.
Pudgy Penguins and Milady Maker Rise
In the meantime, Pudgy Penguins and Milady Maker have seen a gradual uptrend. Pudgy Penguins first entered the highest 10 NFT collections in September 2023 with a 2.7% market share and has since seen its dominance develop to 9.5% by October 2024.
Milady Maker, too, joined the highest 10 in August 2023 with a 2.5% share and has maintained its place since April 2024, step by step growing its market share to 4.5% by October.
“The rise of Pudgy Penguins and Milady Maker is especially notable within the wake of ‘blue chip’ NFT worth crashes that noticed 6 PFP collections drop out of the highest 10 rankings – Moonbirds, Veefriends, Doodles, Meebits, World of Ladies and Cool Cats.”
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