Amid the ongoing decline in the NFT market, the iconic CryptoPotato collection has reclaimed its leading position, holding over 30% of the market share among top NFT collections. According to CryptoPotato, CryptoPunks has already surpassed Bored Ape Yacht Club (BAYC), whose dominance started to weaken back in 2023.
How CryptoPunks Regained Leadership
Key facts:
- At the beginning of 2022, CryptoPunks held a 24.8% market share, lagging behind BAYC (29.3%).
- In May 2023, the collection permanently reclaimed the top spot, reaching a 33.6% market share.
- As of October 2024, CryptoPunks accounts for 29.5% of the market, double that of any other collection.
- BAYC has been in decline, with its share dropping from 29.3% in January 2022 to 12.8% in October 2024.
Notably, other Yuga Labs projects, such as Mutant Ape Yacht Club and Otherdeed for Otherside, are also losing popularity. MAYC’s share fell from 8.5% to 4.1%, while Otherdeed dropped out of the top 10 collections by mid-2023.
Emerging Trends
At the same time, new leaders are gaining traction in the NFT space. Collections like Pudgy Penguins and Milady Maker continue to grow in popularity:
- Pudgy Penguins increased their share from 2.7% in September 2023 to 9.5% in October 2024.
- Milady Maker rose from 2.5% in August 2023 to 4.5% in October 2024.
Experts attribute the success of these projects to the decline of six major PFP collections: Moonbirds, Veefriends, Doodles, Meebits, World of Women and Cool Cats.
The success of CryptoPunks suggests that stability and long-term value can reignite interest in a collection, even during a market downturn. Meanwhile, the emergence of new players like Pudgy Penguins highlights that the NFT market is evolving, opening doors for fresh ideas and approaches.
What will you choose — a trusted classic or daring newcomers?