Which NFT Collection Dominates the Market?
Pioneer collection CryptoPunks dominates the NFT market with a 30.9% share across the top collections currently, and has cemented its lead since surpassing Bored Ape Yacht Club (BAYC) in May 2023. Previously at the start of 2022, CryptoPunks dominance of 24.8% had lagged behind then-leader BAYC’s 29.3% dominance. Although CryptoPunks slipped back into 2nd place after momentarily overtaking BAYC in November 2022, the pixel art NFT managed to maintain a narrow market share gap and recaptured the top ranking in May 2023 due to its more resilient floor price.
In the last three years from 2022 to date, CryptoPunks dominance was its lowest at 14.0% in May 2022, and the highest at 36.6% in January 2024.
Notably, CryptoPunks is the only NFT collection to have recorded a 10.0 percentage point increase in dominance during a single year, when its market share grew from 23.6% to 33.6% in 2023. While CryptoPunks dominance has declined slightly since the start of this year, it remains by far the largest NFT collection with market share above 29.5%, or more than twice the dominance of any other collection.
CryptoPunks and BAYC are the only NFT collections that have consistently ranked in the top 10 by monthly average market capitalization from 2022 to date. 5 other collections also often ranked top 10 during these three years, but did not achieve an unbroken streak: Mutant Ape Yacht Club (MAYC), Azuki, Autoglyphs, Chromie Squiggle by Snowfro and Fidenza by Tyler Hobbs.
Bored Ape Ecosystem’s Descent From the Peak
While it's still one of the largest NFT collections, Yuga Labs’ flagship BAYC has been steadily losing market dominance from a high of 29.3% in January 2022, to 12.8% in October 2024. In parallel, BAYC’s floor price peaked at 153.7 ETH ($420,430) on May 1, 2022 and has since declined to a fraction of the price. Given that it was arguably the first profile picture (PFP) NFT collection to gain mainstream popularity, BAYC’s dominance downtrend perhaps also reflects the death of the broader PFP narrative amid oversupply and high prices.
Affiliated PFP NFT collection MAYC has similarly seen its dominance decline from 8.5% to 4.1% over the same period. As a result, MAYC has dropped to the 5th ranking and lower this year, after having always placed 3rd or 4th in 2022 and 2023.
Meanwhile, the Bored Ape ecosystem’s metaverse land NFT Otherdeed for Otherside also recorded a decrease in market share from 8.2% when it was launched in May 2022, to 1.6% by end 2023. In other words, Otherdeed had started off strong by ranking 4th immediately after launch, but fell to 9th place in June 2023 before dropping out of the top 10 rankings altogether.
The Rise of Pudgy Penguins & Milady Maker
Pudgy Penguins first ranked among the top 10 largest NFT collections in September 2023, when it recorded a 2.7% dominance as its floor price held steady amid a broader NFT market correction. Pudgy Penguins dominance has more than tripled since then, to reach 9.5% in October 2024.
Similarly, Milady Maker first ranked among the top 10 with a 2.5% dominance in August 2023, due to its floor price rallying in contrast to other major collections. That said, Milady Maker has only managed to rank consistently since April 2024 when its dominance strengthened to reach 3.3%, which has risen slightly to reach a 4.5% share in October.
The rise of Pudgy Penguins and Milady Maker are particularly notable in the wake of ‘blue chip’ NFT price crashes that saw 6 PFP collections drop out of the top 10 rankings – Moonbirds, Veefriends, Doodles, Meebits, World of Women and Cool Cats.
Bitcoin & Solana NFT Dominance Still Nascent
Throughout 2022, Ethereum NFTs fully dominated the monthly top 10 rankings, as the most popular and pioneering 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. This increased to four such collections in 2024, with Mad Lads continuing to rank, followed by NodeMonkes, Runestone and Bitcoin Puppets.
| Year | Top Ethereum NFTs | Top Solana NFTs | Top Bitcoin NFTs |
|---|---|---|---|
| 2022 | 16 | 0 | 0 |
| 2023 | 15 | 2 | 1 |
| 2024 | 11 | 1 | 3 |
The combined dominance of top Bitcoin Ordinals and Solana NFTs has grown over fivefold from 2.5% at the beginning of 2023, to 14.7% as of October 2024. Notably, the combined non-Ethereum NFT dominance reached a record high of 25.3% in April this year, driven by higher Runestone and Bitcoin Puppets dominance amid the Bitcoin Halving.
Art NFT Dominance Grew From 8% to 13%
Since 2022, just three art NFT collections have regularly ranked in the top 10 by market capitalization, namely Autoglyphs, Chromie Squiggle by Snowfro and Fidenza by Tyler Hobbs. Collectively, these top art NFTs’ dominance rose from 7.9% at the start of 2022, to reach a high of 22.4% in August 2023, before moderating down to a 13.2% share as of October 2024.
Specifically, Autoglyphs dominance ranged between 2.1% to 10.6% during this period, while Chromie Squiggle recorded a dominance range between 1.5% to 7.2% and Fidenza from 1.1% to 5.1%. Each individual art NFT collection also recorded increases in dominance, albeit small, 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).
Amid the ongoing NFT bear market, the uptrend in dominance even over an extended period of time arguably points to the resilience of these well-established generative art NFT collections.
Top NFT Collections Ranked by Market Dominance
Market share of the top 10 NFT collections based on monthly average market capitalization in October 2024 are:
| Ranking | NFT Collection | Market Share |
|---|---|---|
| 1 | CryptoPunks | 30.9% |
| 2 | Bored Ape Yacht Club | 12.8% |
| 3 | Pudgy Penguins | 9.5% |
| 4 | Azuki | 5.9% |
| 5 | Autoglyphs | 5.8% |
| 6 | NodeMonkes | 4.7% |
| 7 | Milady Maker | 4.5% |
| 8 | Bitcoin Puppets | 4.3% |
| 9 | Mutant Ape Yacht Club | 4.1% |
| 10 | Chromie Squiggle by Snowfro | 4.1% |
Note that market share was calculated across the 15 largest NFT collections that ranked in the top 10 monthly average market capitalization at least once this year.
Methodology
The study examined the market share of NFT collections that ranked in the top 10 by monthly average market capitalization from January 1, 2022 to October 27, 2024, based on data from CoinGecko NFT, NFT Price Floor, Dune Analytics and Magic Eden. Market capitalization was calculated using the collection’s daily floor price in USD, multiplied by total NFT supply.
For the purpose of the study, NFT collections were only included in the dominance or market share calculation for the year when they ranked among the top 10 by market capitalization in minimally one of the months. Note that DeGods’ market capitalization on Solana and Ethereum were combined, whereas BTC DeGods was considered a separate collection.
Do note that the methodology used here is different from the dominance chart displayed on the global NFT statistics page.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on the top NFT marketplaces.
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