Iconic NFT Collection CryptoPunks Reign In Market Share Amid BAYC Fall: Report

The iconic NFT collection CryptoPunks looks set to make a comeback this year amid the ongoing NFT bear market.

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

CryptoPunks see resurgence but BAYC loses ground

At the start of 2022, CryptoPunks had a 24.8% share, behind BAYC’s 29.3% lead. Although it briefly overtook BAYC in November 2022, CryptoPunks soon returned to second place but maintained a close gap, eventually regaining the top spot in May 2023 due to its more stable 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 of increasing their market share by 10% in a single year, from 23.6% to 33.6% in 2023. Despite a slight decline since the beginning of this year , CryptoPunks remains the largest NFT collection, holding the most. 29.5% of the market, more than double the share of any other collection.

On the other hand, Yuga Labs’ flagship BAYC has seen a notable decline in market dominance, falling from a peak of 29.3% in January 2022 to 12.8% in October 2024, with its price low also significantly lower than the May 2022 high. This decline reflects the challenges facing 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 down the rankings. Otherdeed for Otherside, BAYC’s NFT metaverse land, also saw its early strong market presence fade, falling from fourth 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 upward trend. Pudgy Penguins first entered the top 10 NFT collections in September 2023 with a market share of 2.7% and has since seen its dominance grow to 9.5% in October 2023. 2024.

Milady Maker also joined the top 10 in August 2023 with a share of 2.5% and has held its place since April 2024, gradually increasing its market share to 4.5% in in October

“The rise of Pudgy Penguins and Milady Maker is particularly notable in the wake of the ‘blue chip’ NFT price drop which 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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