Crypto News

CryptoPunks Reigns Supreme In 2023: A Year Of Shifts In NFT Market Dominance

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%)

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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Image Source: naratrip/123RF // Image Effects by Colorcinch

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