Iconic NFT collection CryptoPunks reigns in market share amid BAYC decline: report

The popular NFT collection CryptoPunks seems to be making a comeback in this year's ongoing NFT bear market.

According to CoinGecko, the CryptoPunks collective currently holds a 30.9% share of the NFT market among the major collectives.

CryptoPunks see a resurgence, but BAYC has lost ground

By early 2022, CryptoPunks had a 24.8% share, following BAYC's 29.3% lead. Despite briefly surpassing BAYC in November 2022, CryptoPunk soon fell to second place but maintained a very good gap, finally regaining the top spot in May 2023 due to a stable price floor. Between 2022 and today, dominance has risen from a low of 14.0% in May 2022 to a high of 36.6% in January 2024.

However, CryptoPunks has achieved extraordinary success by increasing its market share by 10% in one year, from 23.6% to 33.6% by 2023. Despite a slight decline earlier this year, CryptoPunks remains the largest NFT cluster, accounting for 29.5% of the market – more than double the share of any other cluster.

Yoga Labs flagship BAYC, on the other hand, has seen a significant decline in market dominance, falling from a peak of 29.3% in January 2022 to 12.8% in October 2024, and its floor price has fallen sharply since May 2022. This failure reflects the challenges faced by PFP NFTs oversupply and high prices.

Mutant Ape Yacht Club (MAYC) also lost market share, dropping from 8.5% to 4.1% and down the rankings. On the other hand, BAYC's metaverse land NFT, also saw its first strong market presence, dropping from 4th place to top 10 in mid-2023.

Pudgy Penguins and Milady Maker Rise

Meanwhile, Pudgy Penguin and Milady Maker have seen steady growth. Pudgy Penguin 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 2024.

Milady Serim joined the top 10 in August 2023 with a 2.5% share and has maintained its position since April 2024, gradually increasing its market share to 4.5% in October.

“Pudgy Penguin and Milady Maker's growth is particularly notable as 6 PFP sets drop out of the top 10 rankings due to ‘blue chip' NFT price declines – Moonbirds, Veefriends, Doodles, Meebits, Women World and Cool Cats,” he said.