 market has reached a whooping market cap totaling $4.23 billion.New trends and collections will likely emerge as the space matures and more institutions get in.){kind=link}
It is evident from the state of global NFT (non-fungible token) markets that it has a strong holding with a market cap totalling $4.23 billion.
The 24-hour percentage change in value increased by 6.08% recently, according to CoinGecko data.
The entire NFT resale market had a sales figure of $6.9 million, which continues to demonstrate how strong this vertical is in the digital asset category at large.
The Strong Growth of the NFT Market
With CryptoPunks representing a significant fraction of the top NFT collections (30.9%), they are one group to watch out for in future years within the space. It is an important milestone for the collection, as it replaced Bored Ape Yacht Club (BAYC) in May 2023 as per the data of CoinGecko.
From early 2022 to the present, CryptoPunks’ market share has risen solidly, at this point, it is way ahead of the previous leader BAYC. After trailing behind BAYC for a few weeks in November 2022, CryptoPunks have since taken back the lead. Its healthier floor price—the most resilient metric for NFT valuation—has remained strong and helped maintain its success.
CryptoPunks is a collection that has led the way for NFTs as the only one with a double-digit percent increase in market share, which is a +10.0 percentage point over the past year.
In 2023, CryptoPunks increased its share from 23.6% of all NFT fees processed by OpenSea in 2022 to a point where it represents over one-third of the NFT market—positioning it uniquely at the top of the leaderboard.
Other Leading Players in the Field
On the other hand, former NFT leader Bored Ape Yacht Club (BAYC) has significantly decreased its share of the market, CoinGecko stated. From dominating the collection space by as much as 29.3% in January 2022, BAYC’s dominance fell to just 12.8% as of October 2024.
As market share dropped, so did the floor price of BAYC. The collection’s all-time high floor price of 153.7 ETH (around $420,430) recorded in May 2022 has since declined, along with the broader market.
The dwindling market share of BAYC suggests a larger trend in the diminishing appeal of the profile picture NFTs, which once drove explosive growth in the NFT space.Â
While CryptoPunks remains a dominant force in the NFT market, the changes in dominance among top collections suggest that the NFT space is evolving. New trends and collections are likely to emerge as the space matures, but for now, CryptoPunks stands firmly at the top with a stable market share and growing influence.