The iconic NFT collection CryptoPunks is making a comeback during the continuing NFT bear market.
CryptoPunks Growth and BAYC Fall
At the start of 2022, CryptoPunks held a 24.8% share, trailing Bored Ape Yacht Club (BAYC)'s 29.3% lead. However, by May 2023, CryptoPunks increased to a 30.9% market share, surpassing BAYC. Their stable floor price and successful market strategies helped them increase their share to 33.6% by 2023. As of the October 2024 report, CryptoPunks holds over 29.5% of the market.
Rise of Pudgy Penguins and Milady Maker
Amid declining prices for 'blue chip' NFTs like Moonbirds and Veefriends, Pudgy Penguins and Milady Maker have shown steady growth. In September 2023, Pudgy Penguins entered the top 10 with a 2.7% market share, growing to 9.5% by October 2024. Milady Maker joined the top 10 in August 2023 and has since solidified its position.
The resurgence of CryptoPunks and the rise of other collections demonstrate the evolving NFT market amidst the decline of industry stalwarts.
