The dominance of Bitcoin and Solana NFTs is still in its infancy.

Written by: Lim Yu Qian, Source: Coingecko

Translated by: Tao Zhu, Jinse Finance

Which NFT series dominates the market?

The pioneering series CryptoPunks currently dominates the NFT market, holding a 30.9% share among top series, and its lead has been solidified since surpassing Bored Ape Yacht Club (BAYC) in May 2023. Previously, at the beginning of 2022, CryptoPunks had a dominance of 24.8%, trailing behind the then-leader BAYC's 29.3%. Although CryptoPunks briefly surpassed BAYC in November 2022 before slipping back to second place, this pixel art NFT successfully maintained a narrow market share gap due to its more resilient floor price, reclaiming the top position in May 2023.

Over the past three years from 2022 to now, CryptoPunks' dominance has fluctuated, reaching a low of 14.0% in May 2022 and a high of 36.6% in January 2024.

Notably, CryptoPunks is the only NFT collection to have increased its dominance by 10.0 percentage points within a year, with its market share growing from 23.6% to 33.6% in 2023. While CryptoPunks' dominance has slightly declined since the beginning of this year, it remains the largest NFT collection to date, with a market share exceeding 29.5%, more than double that of any other collection.

CryptoPunks and BAYC are the only NFT collections that have consistently ranked in the top 10 by average monthly market value from 2022 to now. During these three years, five other series have also frequently entered the top 10 but failed to maintain continuity: Mutant Ape Yacht Club (MAYC), Azuki, Autoglyphs, Snowfro's Chromie Squiggle, and Tyler Hobbs' Fidenza.

The Decline of the Bored Ape Ecosystem

While it remains one of the largest NFT collections, Yuga Labs' flagship BAYC has been steadily losing market dominance, dropping from a peak of 29.3% in January 2022 to 12.8% in October 2024. Meanwhile, BAYC's floor price peaked at 153.7 ETH (approximately $420,430) on May 1, 2022, and has since fallen to a fraction of that price. Given that it can be considered the first mainstream avatar (PFP) NFT collection, the decline in BAYC's dominance may also reflect the broader narrative of PFPs fading in the context of oversupply and high prices.

The affiliated PFP NFT collection MAYC also saw its dominance decline during the same period, from 8.5% to 4.1%. As a result, MAYC has consistently ranked 3rd or 4th in 2022 and 2023, but has dropped to 5th place and below this year.

At the same time, the market share of Otherdeed for Otherside, the metaverse land NFT from the Bored Ape ecosystem, has also decreased from 8.2% at its launch in May 2022 to 1.6% by the end of 2023. In other words, Otherdeed initially ranked 4th upon launch, performing strongly, but fell to 9th place in June 2023 and then completely dropped out of the top 10.

The Rise of Pudgy Penguins and Milady Maker

Pudgy Penguins first entered the top 10 NFT collections in September 2023, maintaining a stable floor price amid broader NFT market adjustments, capturing a 2.7% dominance. Since then, Pudgy Penguins' dominance has more than doubled, reaching 9.5% in October 2024.

Similarly, Milady Maker entered the top 10 for the first time in August 2023 with a 2.5% dominance, attributed to its rising floor price compared to other major collections. That said, Milady Maker has maintained a stable ranking since April 2024, when its dominance increased to 3.3%, slightly rising to 4.5% in October.

The rise of Pudgy Penguins and Milady Maker is particularly noteworthy following the price crash of "blue-chip" NFTs, with six PFP series dropping out of the top 10—Moonbirds, Veefriends, Doodles, Meebits, World of Women, and Cool Cats.

The Dominance of Bitcoin and Solana NFTs is Still in Its Infancy

Throughout 2022, Ethereum NFTs completely dominated the monthly top 10 rankings, being the most popular and pioneering NFT chain at the time. However, the dominance of Ethereum NFTs began to be challenged by three Solana and Bitcoin NFT collections that successfully ranked in 2023: DeGods Solana, Mad Lads, and Bitcoin Frogs. By 2024, this number increased to four such collections, with Mad Lads continuing to rank, followed by NodeMonkes, Runestone, and Bitcoin Puppets.

The total dominance of top Bitcoin Ordinals and Solana NFTs has grown more than fivefold from 2.5% at the beginning of 2023 to 14.7% by October 2024. Notably, in April of this year, the total dominance of non-Ethereum NFTs reached a record 25.3%, thanks to the rise in dominance of Runestone and Bitcoin Puppets during the Bitcoin halving.

The Dominance of Art NFTs Increased from 8% to 13%

Since 2022, only three art NFT series have regularly entered the top 10 by market value: Autoglyphs, Snowfro's Chromie Squiggle, and Tyler Hobbs' Fidenza. Overall, the dominance of these top art NFTs rose from 7.9% at the beginning of 2022 to a peak of 22.4% in August 2023, then fell to a share of 13.2% by October 2024.

Specifically, the dominance of Autoglyphs during this period ranged from 2.1% to 10.6%, while Chromie Squiggle's dominance ranged from 1.5% to 7.2%, and Fidenza's dominance ranged from 1.1% to 5.1%. Each art NFT collection also saw an increase in dominance, albeit small, with Autoglyphs rising 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).

In the ongoing NFT bear market, the upward trend in dominance over a longer period also indicates the resilience of these mature generative art NFT collections.

Top NFT Collections Ranked by Market Dominance

Based on the average monthly market value in October 2024, the market shares of the top 10 NFT collections are as follows:

Please note that market shares are calculated based on the 15 largest NFT collections that entered the top 10 by average monthly market value at least once this year.

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