Iconic NFT Collection CryptoPunks Reigns in Market Share Amid BAYC Decline: Report
CryptoPunks leads the NFT market with 30.9% share as BAYC declines, marking a significant shift in the NFT landscape.
The renowned NFT collection CryptoPunks is experiencing a revival in the current NFT bear market. As of November 2024, CryptoPunks leads the market with a 30.9% share, having regained its position after overtaking Bored Ape Yacht Club (BAYC) in May 2023.
CryptoPunks’ Resurgence and BAYC’s Decline
In early 2022, CryptoPunks had a 24.8% market share, trailing BAYC's 29.3%. Although it briefly surpassed BAYC in November 2022, it fell back to second place. However, it reclaimed the top spot in May 2023, aided by a more stable floor price. Over the past two years, CryptoPunks has fluctuated between a low of 14.0% and a peak of 36.6% in January 2024.
Notably, CryptoPunks increased its market share by 10% within a year, rising from 23.6% to 33.6% in 2023. Despite a slight decline in early 2024, it remains the leading NFT collection with over 29.5% market share, significantly higher than any other collection.
In contrast, Yuga Labs' BAYC has seen a sharp decline, dropping from a peak of 29.3% in January 2022 to just 12.8% in October 2024, with its floor price also falling considerably since May 2022. This decline reflects the challenges faced by profile picture (PFP) NFTs due to oversupply and high prices.
Similarly, Mutant Ape Yacht Club (MAYC) has lost market share, decreasing from 8.5% to 4.1%. Otherdeed for Otherside, BAYC’s metaverse land NFT, has also seen its position weaken, falling out of the top 10 rankings by mid-2023.
Rise of Pudgy Penguins and Milady Maker
On a positive note, Pudgy Penguins and Milady Maker have experienced steady growth. Pudgy Penguins entered the top 10 NFT collections in September 2023 with a 2.7% market share and has grown to 9.5% by October 2024. Milady Maker also joined the top 10 in August 2023 with a 2.5% share and has increased its share to 4.5% by October 2024.
The rise of these collections is notable, especially as several "blue chip" NFTs, including Moonbirds and Doodles, have fallen out of the top 10.
What's Your Reaction?
