Yuga Labs’ BAYC and CryptoPunks Account for 50% of Market Value
Bored Apes and CryptoPunks still rule the world of NFTs. And after enduring a bear market that vaporized 60% of NFT value on Ethereum, green shoots are emerging.
The two collections of NFT avatars account for almost half of Ethereum’s NFT market cap, according to a report published by Dapp Radar on Thursday.
While BAYC and CryptoPunks have lost about three-quarters of their value from their all-time highs in 2022 and 2021, and NFTs as a whole underperformed BTC and ETH last year, the sector is now showing “clear signs of recovery,” DappRadar said.
Trade volume already tagged $870M in 2023. The report estimated Ethereum’s NFT market has climbed 68% from its November low.
That’s the upshot from a report that chronicled how Yuga Labs, the NFT studio behind Bored Apes, CryptoPunks, has reinforced its supremacy even as the bear market has punished the once high-flying sector.
Worth $3B
The six largest projects owned by Yuga Labs, the team behind Bored Ape Yacht Club and CryptoPunks, constitute two-thirds of the market cap for Ethereum’s NFT market, said DappRadar, which analyzed 81 NFT collections on Ethereum.
NFT Price Floor estimates these projects are worth $3B, or 42% of the cross-chain NFT market cap. That includes popular collections such as Meebits and Mutant Ape Yacht Club.
Newer collections are driving the recovery in the market, with some collections posting triple-digit jumps: Pudgy Penguins’ market cap grew 260%, Degen Toonz Collection rallied 204%, and Azuki gained 114%, despite the bear market.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://thedefiant.io/nft-recovery/
- 2021
- 2022
- 2023
- a
- About
- According
- Account
- After
- all-time highs
- already
- and
- APE
- Apes
- Avatars
- Azuki
- bayc
- Bear
- Bear Market
- behind
- Bored
- BORED APE
- Bored Ape Yacht Club
- Bored Apes
- BTC
- cap
- Climbed
- club
- collection
- collections
- constitute
- Cross-Chain
- CryptoPunks
- dapp
- DappRadar
- degen
- Despite
- driving
- emerging
- enduring
- estimated
- estimates
- ETH
- ethereum
- Ethereum's
- Even
- Floor
- from
- Green
- Half
- Highs
- How
- HTTPS
- in
- includes
- jumps
- Labs
- largest
- Last
- Last Year
- Low
- Market
- Market Cap
- Meebits
- Mutant Ape Yacht Club
- NFT
- NFT collections
- nft market
- NFTs
- November
- owned
- plato
- Plato Data Intelligence
- PlatoData
- Popular
- price
- projects
- published
- Pudgy
- radar
- recovery
- report
- Rule
- Said
- sector
- Shows
- Signs
- SIX
- some
- Still
- studio
- such
- team
- The
- the world
- their
- to
- two-thirds
- value
- volume
- which
- whole
- world
- worth
- Yacht
- Yacht Club
- year
- Yuga
- Yuga Labs
- zephyrnet