CryptoPunks Iconic NFT Collection Reigns Market Share Amid BAYC Drop: Report

The iconic nft collection CryptoPunks appears to be making a comeback this year amid the current nft bear market.

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

CryptoPunks See Resurgence But BAYC Loses Ground

As of early 2022, CryptoPunks had a 24.8% share, trailing BAYC's 29.3% lead. Although it briefly surpassed BAYC in November 2022, CryptoPunks soon fell back to second place but maintained a close gap, eventually regaining first place in May 2023 due to its more stable bottom price. Between 2022 and today, its dominance ranged from a low of 14.0% in May 2022 to a high of 36.6% in January 2024.

However, CryptoPunks achieved a rare feat by increasing its market share by 10% in a single year, going from 23.6% to 33.6% in 2023. Despite a slight decline since the beginning of this year, CryptoPunks remains the largest collection of nfts, with over 29.5% of the market, more than double that of any other collection.

Yuga Labs' flagship BAYC, on the other hand, has nft-collections-dominance” target=”_blank” rel=”noopener” data-wpel-link=”external”>seen a notable decline in market dominance, falling from a high of 29.3% in January 2022 to 12.8% in October 2024, with its low price also significantly below its May 2022 high. This drop reflects the challenges that PFP nfts face due to oversupply and high prices.

Mutant Ape Yacht Club (MAYC) also lost market share, going from 8.5% to 4.1% and falling in rank. Otherdeed for Otherside, BAYC's metaverse terrestrial nft, also saw its strong initial presence in the market fade, falling from fourth place to below the top 10 by mid-2023.

The Chubby Penguins and the Rise of Milady Maker

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% in 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% in October.

“The rise of Pudgy Penguins and Milady Maker is particularly notable in the wake of top-line nft price drops that saw 6 PFP collections drop out of the top 10 rankings: Moonbirds, Veefriends, Doodles, Meebits, World of Women, and Cool Cats. .”

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