Which NFT series holds the market dominance?
The pioneering collection CryptoPunks currently dominates the NFT market, holding a 30.9% share among top collections, and its leading position has been solidified 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 at 29.3%. Although CryptoPunks briefly surpassed BAYC in November 2022, it fell back to second place, yet due to its more resilient floor price, this pixel art NFT successfully maintained a narrower market share gap and regained the top position in May 2023.
Over the past three years from 2022 to now, CryptoPunks' dominance has seen a low of 14.0% in May 2022 and a high of 36.6% in January 2024.
Notably, CryptoPunks is the only NFT collection that saw a dominance increase of 10.0 percentage points within a year, with its market share growing from 23.6% to 33.6% in 2023. Although CryptoPunks' dominance has slightly declined since the beginning of this year, it remains the largest NFT collection to date, with a market share exceeding 29.5%, more than twice that of any other collection.
CryptoPunks and BAYC are the only NFT collections that have consistently ranked in the top 10 by average monthly market value from 2022 to now. During these three years, five other series have also frequently entered the top 10 but failed to maintain continuity: Mutant Ape Yacht Club (MAYC), Azuki, Autoglyphs, Snowfro's Chromie Squiggle, and Tyler Hobbs' Fidenza.
The Bored Ape ecosystem is on a downward slope from its peak.
While it remains one of the largest NFT collections, Yuga Labs' flagship BAYC has been steadily losing market dominance, declining 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 can be argued to be the first avatar (PFP) NFT collection to gain mainstream popularity, BAYC's declining dominance trend may also reflect the broader demise of the PFP narrative amid oversupply and high prices.
The dominance of the affiliated PFP NFT collection MAYC also decreased during the same period, from 8.5% to 4.1%. Consequently, MAYC has consistently ranked 3rd or 4th in 2022 and 2023 but has dropped to 5th place and below this year.
Meanwhile, the market share of Bored Ape ecosystem's metaverse land NFT Otherdeed for Otherside also declined from 8.2% at its launch in May 2022 to 1.6% by the end of 2023. In other words, Otherdeed ranked 4th immediately after its launch, performing strongly, but fell to 9th place by June 2023 and completely dropped out of the top 10.
The rise of Pudgy Penguins and Milady Maker
Pudgy Penguins first entered the top 10 NFT collections in September 2023, maintaining a stable floor price amid broader NFT market adjustments, holding a 2.7% dominance. Since then, Pudgy Penguins' dominance has more than doubled, reaching 9.5% in October 2024.
Similarly, Milady Maker first entered the top 10 in August 2023 with a dominance of 2.5%, attributed to its rising floor price compared to other major collections. That said, Milady Maker has maintained a stable ranking since April 2024, when its dominance increased to 3.3%, slightly rising to 4.5% in October.
The rise of Pudgy Penguins and Milady Maker is particularly notable following the price crash of 'blue-chip' NFTs, with six PFP series dropping out of the top 10 - Moonbirds, Veefriends, Doodles, Meebits, World of Women, and Cool Cats.
The dominance of Bitcoin and Solana NFTs remains in its infancy.
Throughout 2022, Ethereum NFTs completely occupied the monthly top 10 rankings, being the most popular and pioneering NFT chain at that time. However, Ethereum NFT dominance began to be challenged by three Solana and Bitcoin NFT collections that successfully ranked in 2023: DeGods Solana, Mad Lads, and Bitcoin Frogs.
In 2024, this number increased to four such collections, where Mad Lads continues to rank, followed by NodeMonkes, Runestone, and Bitcoin Puppets.
The total dominance of top Bitcoin Ordinals and Solana NFTs has increased more than fivefold from 2.5% at the beginning of 2023 to 14.7% as of October 2024. Notably, in April this year, the total dominance of non-Ethereum NFTs reached a record 25.3%, thanks to the dominance rise of Runestone and Bitcoin Puppets during the Bitcoin halving.
Art NFT dominance increased from 8% to 13%
Since 2022, only three art NFT series have regularly entered the top 10 in market capitalization: Autoglyphs, Snowfro's Chromie Squiggle, and Tyler Hobbs' Fidenza. Overall, the dominance of these top art NFTs increased from 7.9% at the beginning of 2022 to a high of 22.4% in August 2023, before dropping to a share of 13.2% in October 2024.
Specifically, the dominance of Autoglyphs ranged between 2.1% and 10.6% during this period, while Chromie Squiggle's dominance ranged between 1.5% and 7.2%, and Fidenza's dominance ranged between 1.1% and 5.1%.
The dominance of each art NFT collection has also increased, 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).
In the ongoing NFT bear market, even over a long period, the upward trend in dominance indicates the resilience of these mature generative art NFT collections.
Top NFT collections ranked by market dominance
According to the average monthly market value as of October 2024, the market shares of the top 10 NFT collections are as follows:
Please note that market share is calculated based on the 15 largest NFT collections that have entered the top 10 by average monthly market value at least once this year.
#cryptopunks #BAYC #PudgyPenguins
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