Iconic NFT Collection CryptoPunks Reigns in Market Share Amid BAYC Decline: Report

The long-lasting NFT assortment CryptoPunks seems to be making a comeback this 12 months amidst the continued NFT bear market.

In line with 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

Firstly 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 saved an in depth hole, lastly reclaiming the highest spot in Might 2023 as a consequence of its extra secure ground value. Between 2022 and right this moment, 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 12 months, rising from 23.6% to 33.6% in 2023. Regardless of a slight decline for the reason that begin of this 12 months, CryptoPunks stays the biggest NFT assortment, holding over 29.5% of the market – greater than double another assortment’s share.

Yuga Labs’ flagship BAYC, however, 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 value additionally considerably down from its Might 2022 excessive. This drop displays the challenges confronted by PFP NFTs as a consequence of 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 robust 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, progressively 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 value crashes that noticed 6 PFP collections drop out of the highest 10 rankings – Moonbirds, Veefriends, Doodles, Meebits, World of Girls and Cool Cats.”