The iconic NFT collection CryptoPunks appears to be making a comeback this year amidst the ongoing NFT bear market.

According to CoinGecko, the CryptoPunks collection currently leads the NFT market with a 30.9% share among the top collections, a position it solidified after surpassing Bored Ape Yacht Club (BAYC) in May 2023.

CryptoPunks Sees Resurgence But BAYC Loses Ground

At the beginning of 2022, CryptoPunks held a 24.8% share, trailing BAYC’s 29.3% lead. Though it briefly overtook BAYC in November 2022, CryptoPunks soon fell back to second but kept a close gap, finally reclaiming the top spot in May 2023 due to its more stable floor price. Between 2022 and today, its dominance ranged from a low of 14.0% in May 2022 to a peak of 36.6% in January 2024.

However, CryptoPunks achieved a rare feat by increasing its market share by 10% in a single year, growing from 23.6% to 33.6% in 2023. Despite a slight decline since the start of this year, CryptoPunks remains the largest NFT collection, holding over 29.5% of the market – more than double any other collection’s share.

Yuga Labs’ flagship BAYC, on the other hand, 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.

Mutant Ape Yacht Club (MAYC) similarly lost market share, sliding from 8.5% to 4.1% and dropping in rank. Otherdeed for Otherside, BAYC’s metaverse land NFT, also saw its initial strong market presence fade, falling from 4th to below the top 10 rankings by mid-2023.

Pudgy Penguins and Milady Maker Rise

Meanwhile, Pudgy Penguins and Milady Maker have seen a steady uptrend. Pudgy Penguins first 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, too, 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 6 PFP collections drop out of the top 10 rankings – Moonbirds, Veefriends, Doodles, Meebits, World of Women and Cool Cats.”

Source : CryptoPotato - Nov 10, 2024