Author: Lim Yu Qian, Source: Coingecko; Compiler: Tao Zhu, Golden Finance
The pioneer series CryptoPunks currently dominates the NFT market, with a 30.9% share of the top series, and its leading position has been consolidated since surpassing Bored Ape Yacht Club (BAYC) in May 2023. Previously in early 2022, CryptoPunks' dominance was 24.8%, lagging behind the then leader BAYC's 29.3%. Although CryptoPunks slipped to second place after briefly surpassing BAYC in November 2022, the pixel art NFT managed to maintain a narrower market share gap and regained the top spot in May 2023 due to its more resilient reserve price.
In the past three years from 2022 to now, CryptoPunks' dominance was lowest at 14.0% in May 2022 and highest at 36.6% in January 2024.
Notably, CryptoPunks was the only NFT collection to grow its dominance by 10.0 percentage points in one year, increasing its market share from 23.6% to 33.6% in 2023. While CryptoPunks’ dominance has declined slightly since the beginning of the year, it remains by far the largest NFT collection with a market share of over 29.5%, more than double the dominance of any other collection.
CryptoPunks and BAYC are the only NFT collections to consistently rank in the top 10 by average monthly market cap from 2022 to date. During those three years, five other collections also frequently made the top 10 but failed to maintain consistency: Mutant Ape Yacht Club (MAYC), Azuki, Autoglyphs, Snowfro’s Chromie Squiggle, and Tyler Hobbs’ Fidenza.
While it remains one of the largest NFT collections, Yuga Labs’ flagship BAYC has been steadily losing market dominance, falling from a high of 29.3% in January 2022 to 12.8% in October 2024. Meanwhile, BAYC’s floor price peaked at 153.7 ETH ($420,430) on May 1, 2022, and has since fallen to a fraction of that price. Given that it was arguably the first avatar (PFP) NFT collection to gain mainstream popularity, BAYC’s downward trend in dominance is perhaps also reflective of the demise of the broader PFP narrative amid oversupply and high prices.
The dominance of affiliated PFP NFT collection MAYC also fell from 8.5% to 4.1% over the same period. As a result, MAYC, which had consistently ranked #3 or #4 in 2022 and 2023, has fallen to #5 and below this year.
Meanwhile, the Bored Ape ecosystem’s metaverse land NFT Otherdeed for Otherside also saw its market share fall from 8.2% at launch in May 2022 to 1.6% at the end of 2023. In other words, Otherdeed had a strong run at #4 immediately after its launch, but fell to #9 in June 2023 before falling out of the top 10 entirely.
Pudgy Penguins first entered the top 10 NFT collectibles in September 2023, when its floor price remained stable amid the broader NFT market correction, with a 2.7% dominance. Since then, Pudgy Penguins’ dominance has more than tripled, reaching 9.5% in October 2024.
Similarly, Milady Maker first entered the top 10 in August 2023 with a 2.5% dominance, due to its increased floor price compared to other major collectibles. That said, Milady Maker has remained stable in the ranking since April 2024, when its dominance strengthened to 3.3%, with a slight increase in October to a 4.5% share.
The rise of Pudgy Penguins and Milady Maker was particularly notable after the price of “blue chip” NFTs plummeted, with six PFP collections falling out of the top 10 - Moonbirds, Veefriends, Doodles, Meebits, World of Women, and Cool Cats.
Throughout 2022, Ethereum NFTs completely dominated the monthly top 10 rankings, being the most popular and groundbreaking NFT chain at the time. However, Ethereum NFT dominance began to be challenged by three Solana and Bitcoin NFT collections that managed to rank in 2023, namely DeGods Solana, Mad Lads, and Bitcoin Frogs. In 2024, this number increased to four such collections, with Mad Lads continuing to rank, followed by NodeMonkes, Runestone, and Bitcoin Puppets.
The total dominance of top Bitcoin Ordinals and Solana NFTs has more than quintupled from 2.5% at the beginning of 2023 to 14.7% as of October 2024. Notably, the total dominance of non-Ethereum NFTs reached a record high of 25.3% in April this year, driven by the rise in dominance of Runestone and Bitcoin Puppets during the Bitcoin halving.
Since 2022, only three art NFT series have regularly made the top 10 by market cap: Autoglyphs, Snowfro’s Chromie Squiggle, and Tyler Hobbs’ Fidenza. Collectively, the dominance of these top art NFTs rose from 7.9% at the beginning of 2022 to a high of 22.4% in August 2023, before falling to a 13.2% share in October 2024.
Specifically, Autoglyphs’ dominance ranged from 2.1% to 10.6% during this period, while Chromie Squiggle’s dominance ranged from 1.5% to 7.2% and Fidenza’s dominance ranged from 1.1% to 5.1%. Each art NFT collectible also saw an increase in dominance, albeit slightly, with Autoglyphs growing from 3.2% to 5.8% (+2.6 percentage points), followed by Chromie Squiggle from 2.1% to 4.1% (+2.0), and Fidenza from 2.6% to 3.4% (+0.8).
The upward trend in dominance, even over extended periods of time, demonstrates the resilience of these mature generative art NFT collectibles amid the ongoing NFT bear market.
Based on the average monthly market capitalization in October 2024, the market share of the top 10 NFT collectibles is as follows:
Please note that the market share is calculated based on the 15 largest NFT collections that have entered the top 10 in terms of monthly average market capitalization at least once this year.
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