The Fate of Popular NFTs such as CryptoPunks, Bored Apes, and Pudgy Penguins
In the ever-evolving digital art landscape, Non-Fungible Tokens (NFTs) have become a significant phenomenon. The success or failure of NFT collections seems to be a mix of successful style, coherent environment, lively community, and a lot of luck.
One platform making waves in the NFT sphere is The Igloo Company's Overpass. Initially designed for the entire NFT market, it currently caters only to the trading of penguins, with collections like Pudgy Penguins and Lil Pudgys. The Igloo Company also has plans to create a penguin metaverse and offer airdrops and bonuses to their owners.
The NFT market reached its peak in 2021 and 2022, with popular collections like CryptoPunks, Bored Ape Yacht Club (BAYC), and Pudgy Penguins storming record prices. Sites like NFTPRICEFLOOR rank collections based on their floor price and circulating supply, with CryptoPunks, BAYC, and Pudgy Penguins among the top 10.
Yuga Labs, the creators of BAYC, made strategic moves by purchasing CryptoPunks, Autoglyphs, and Meebits, which have helped them become the dominant brand in the NFT market. CryptoPunks, the OG of NFT avatars, have a relatively stable floor price since May 2022, ranging between 70,000 and 110,000 dollars. On the other hand, BAYC had a peak floor price of around 350,000 dollars in early summer 2022 but has since dropped below that of CryptoPunks, currently at around 32,000 dollars.
Art Blocks positions itself as a curator for artistically demanding collections of algorithmically generated art by various artists. Meanwhile, collections like Autoglyph and Fidenza seem to be declining steadily, while Squiggles maintain their value relatively stably. Chromie Squiggles and Fidenza have never claimed to be more than artworks and have not integrated further functionalities.
The Milady Makers and Mad Lads are somewhat newer collections in the top 10, with Milady Makers showing a stable upward trajectory and Mad Lads at a relatively stable floor price of around 6,500 dollars. The Remilia Collective, a Japanese NFT and art collective, has built a small NFT empire with the Milady Maker series and others in the same style.
Yuga Labs is also developing the metaverse Otherside, where their NFTs will come to life, and users can already buy items and land, which are also represented as NFTs. NFT holders of the Bored Ape Yacht Club have the right to print their ape on t-shirts, gain entry to a virtual clubhouse, and were intended for nightlife integration.
Over 164 brands have at least 100 collections and a market capitalization of one million dollars, but only a few collections reach a market capitalization of over 100 million dollars. The strongest and most stable NFT brands established since the hype phase in 2021 and 2022 include iconic collections like CryptoPunks, BAYC, and Art Blocks. These brands have maintained high market relevance through strong community engagement, brand partnerships, and broad cultural impact.
It is unclear whether the success or failure of NFT collections is due to random factors or if there are underlying factors that make some collections better than others. However, one thing is certain: the NFT market continues to evolve, offering exciting opportunities for artists, collectors, and investors alike.
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