In 2023, CryptoPunks emerged as the NFT market’s top performer, steadily increasing its market dominance from 23.6% to a remarkable 33.6%, surpassing Bored Ape Yacht Club (BAYC) in May.
Notably, it became the only NFT collection to see a 10 percentage point rise in dominance over the year, solidifying its status as a leader in the digital collectible space.
Mutant Ape Yacht Club, an affiliate of BAYC, held the third-largest market position from January through June, though it experienced a slight decrease in July, dropping from 8.7% to 7.3%. At this time, it was overtaken by Autoglyphs by Larva Labs, which climbed to a 10% market dominance, demonstrating the evolving tastes and interests of NFT collectors.
Meanwhile, the BAYC-affiliated metaverse land collection, Otherdeed for Otherside, saw its dominance decrease sharply from its launch high of 8.2% in May 2022 to just 1.6% by the close of 2023, signaling a waning interest in virtual land ownership within the BAYC ecosystem.
Newcomers like Pudgy Penguins and Milady Maker made their way into the top ranks, with Pudgy Penguins reaching a 2.7% dominance in September and Milady Maker hitting 2.5% in August. These emerging collections showed that collector interests continued to diversify even amid a broader market correction.
By the end of 2023, the top 10 NFT collections by market dominance were as follows:
1. CryptoPunks (33.6%)
2. Bored Ape Yacht Club (16.8%)
3. Mutant Ape Yacht Club (6.4%)
4. Autoglyphs (5.8%)
5. Pudgy Penguins (5.5%)
6. Chromie Squiggle (5.4%)
7. Fidenza (3.9%)
8. Mad Lads (3.8%)
9. Azuki (3.6%)
10. Bitcoin Frogs (2.8%)
Which NFT collection dominated the market in 2023? 🔍@cryptopunksnfts dominance grew from 23.6% to 33.6% last year, surpassing BAYC in May 2023. It is the only NFT collection with a 10pp increase in dominance in a year.
Read the full study: https://t.co/cHuDVabuNy pic.twitter.com/Xmvn1kAbVD
— CoinGecko (@coingecko) November 9, 2024
The evolving leaderboard highlights a year of dynamic shifts in the NFT landscape, with CryptoPunks reasserting itself as a foundational pillar in the world of digital collectibles.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/cryptopunks-reigns-supreme-in-2023-a-year-of-shifts-in-nft-market-dominance/