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Author: Lim Yu Qian, Source: Coingecko; Translated by: Tao Zhu, Bitchain Vision
Which NFT series dominates the market?
The Pioneer Series CryptoPunks currently dominates the NFT market, with a 30.9% share of the top series, and has been solidifying its leadership since surpassing Bored Ape Yacht Club (BAYC) in May 2023.Previously, CryptoPunks dominated at 24.8%, lagging behind 29.3% of the then-leader BAYC.Although CryptoPunks briefly surpassed BAYC in November 2022 and then fell to second place, due to its more elastic base price, the Pixel Art NFT successfully maintained a narrower market share gap and regained it in May 2023.Top seat.
CryptoPunks has the lowest dominance in the past three years from 2022 to the present, at 14.0% in May 2022 and the highest at 36.6% in January 2024.
It is worth noting that CryptoPunks is the only NFT collection that dominated 10.0 percentage points in a year, with market share growing from 23.6% to 33.6% in 2023.While CryptoPunks’ dominance has declined slightly since the beginning of the year, it remains the largest NFT collection to date, with a market share of more than 29.5%, more than double the dominance of any other collection.
CryptoPunks and BAYC are the only NFT collections that continue to rank in the top 10 monthly average market caps from 2022 to the present.Five other series also frequently made the top 10 in the three years, but failed to maintain continuity: Mutant Ape Yacht Club (MAYC), Azuki, Autoglyphs, Snowfro’s Chromie Squiggle and Tyler Hobbs’s Fidenza.
Bored Ape Ecosystem goes downhill from its peak
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 base price peaked at 153.7 ETH ($420,430) on May 1, 2022, and has since fallen to a small part of the price.Given that it is arguably the first avatar (PFP) NFT collection to gain mainstream popularity, BAYC’s downward trend in dominance may also reflect the demise of the broader PFP narrative amid oversupply and high prices.
The dominance of the affiliated PFP NFT collection MAYC also dropped from 8.5% to 4.1% during the same period.As a result, MAYC has been ranked 3rd or 4th in 2022 and 2023, and has fallen to 5th and below this year.
Meanwhile, the market share of NFT Otherdeed for Otherside, the metacosmic land of the Bored Ape ecosystem, also fell from 8.2% when it launched in May 2022 to 1.6% by the end of 2023.In other words, Otherdeed ranked No. 4 immediately after launching, performing strongly, but dropped to No. 9 in June 2023 and then completely dropped out of the top 10.
The Rise of Pudgy Penguins and Milady Maker
Pudgy Penguins first ranked among the top 10 NFT collectibles in September 2023, when its base price remained stable in the wider NFT market adjustment, dominating 2.7%.Since then, Pudgy Penguins’ dominance has more than tripled, reaching 9.5% in October 2024.
Similarly, Milady Maker first dominated by 2.5% in August 2023, due to its rising base price compared to other major collections.That being said, Milady Maker has maintained a steady ranking since April 2024, when its dominance strengthened to 3.3%, up slightly in October to reach a 4.5% share.
The rise of Pudgy Penguins and Milady Maker is particularly striking after the “blue chip” NFT price plunge, with six PFP series falling out of the top 10 – Moonbirds, Veefriends, Doodles, Meebits, World of Women and Cool Cats.
Dominance between Bitcoin and Solana NFT is still in its infancy
Throughout 2022, Ethereum NFT completely ranked in the top 10 monthly rankings, being the most popular and groundbreaking NFT chain at the time.However, the dominance of Ethereum NFTs is beginning to be challenged by three Solana and Bitcoin NFT collections that were successfully ranked in 2023, namely DeGods Solana, Mad Lads and Bitcoin Frogs.In 2024, that number increased to four such sets, with Mad Lads continuing to rank, followed by NodeMonkes, Runestone and Bitcoin Puppets.
The overall dominance of top Bitcoin Ordinals and Solana NFTs has more than fivefold from 2.5% at the beginning of 2023 to 14.7% as of October 2024.It is worth noting that in April this year, the overall dominance of non-Ethereum NFTs reached a record 25.3%, thanks to the rise in dominance of Runestone and Bitcoin Puppets during the Bitcoin halving period.
Arts NFT dominance grew from 8% to 13%
Since 2022, only three art NFT series have regularly entered the top 10 market caps, namely Autoglyphs, Snowfro’s Chromie Squiggle and Tyler Hobbs’s Fidenza.Overall, the dominance of these top arts NFTs rose from 7.9% at the beginning of 2022 to a high of 22.4% in August 2023, and then dropped to a 13.2% share in October 2024.
Specifically, Autoglyphs dominated between 2.1% and 10.6% during this period, while Chromie Squiggle dominated between 1.5% and 7.2% and Fidenza dominated between 1.1% and 5.1%.The dominance of each Art NFT collection also increased, despite the small increase, Autoglyphs grew from 3.2% to 5.8% (+2.6 percentage points), followed by Chromie Squiggle grew from 2.1% to 4.1% (+2.0), Fidenza grew from 2.6% to 3.4% (+0.8).
In the ongoing NFT bear market, the upward trend in dominance even for a longer period of time also demonstrates the resilience of these mature generative arts NFT collections.
Top NFT collections by market dominance
Based on the monthly average market value for October 2024, the market share of the top 10 NFT collections is as follows:
Note that market share is calculated based on the 15 largest NFT sets that enter the top 10 monthly average market capitalization at least once this year.
