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NFT market cap has seen a growth in 2024 in comparison to previous year and has reached to $7.7 Billion.
NFT market has faced its fair share of challenges in 2023 including liquidity plunge, drop in floor price and many more. Despite these challenges, the NFT market is looking for a comeback in 2024. The overall market cap of NFT has grown to $7.7 Billion with a total holders of 6.81 Million. The average volume of the NFT market has declined since March 2024 to 5661 ETH from the highs of 11000 ETH. The average holder of steady has remained steady this year while the number of traders has declined as per the data provided by Nftgo.
The PFP category shows significant growth unlike the utility and sports category.The top crypto coins and tokens which has been used for collectibles and NFT has been on a continuous decline. More than 70% of NFT tokens and coins have declined 25% in the past seven days. Despite this drop, many analysts are optimistic about the future of NFTs. Let’s have a look at the top 5 NFT by market capitalization.
Crypto Punk (16%)
Cryptopunk NFT has 10000 uniquely generated characters in which no two are exactly alike. It has a market of $1,364,618,059.25 and holds over 16% of the market share. It has a floor price of 39.99 ETH with a total volume of 1.09 Million ETH.
In the past three months whales have performed over 293 transactions with an average price of 52.99 ETH. Cryptopunk has a total of 4.13k holders in which 75% hold only single NFT. Meanwhile In the last seven days Crypto Punk has seen 20 sales with a volume of 911 ETH. The highest sold NFT of cryptopunk collection is CryptoPunk #9998 with last sold value of 124,457 ETH.
BAYC NFT (4.5%)
Bored Ape Yacht Club(BAYC) NFT has 10000 unique Bored Apes in their collection. The NFT has a market of $342,432,615.37 and has over 4.5% of the market share. BAYC has a floor price of 10.82 ETH which is 4 times less than cryptopunk.
In the last three months, whales have performed over 191 transactions while the activities from the normal address was around 4000. BAYC has a total of 5308 holders in which 53% are unique holders. In the last seven days the NFT has observed 602 sales with a volume of 6838 ETH. The highest sold NFT of Bored Ape collection is #7537 with the last sold value of 1024 ETH.
Pudgy Penguins (3.96%)
Pudgy Penguins NFT collection has 8888 unique NFTs in their collection. The each holder of Pudgy Penguin has exclusive access to experiences, events, IP licensing opportunities and more. It has a market cap of $756,239,472.28 and comes under the PFP category. The floor price is 10.3 ETH with a market share of 3.96%.
Pudgy Penguins has a total of 4683 holders with an overall volume of 323.27K ETH. Over the period of the last three months it has observed a surge of 13% in their overall volume. The highest sold NFT of Pudgy Penguins collection is #6873 with last sold value of 400 ETH
Milady (1.85%)
Milady is a collection of 10000 generative PFP NFT in a neochibi aesthetic which is inspired by street style tribes. The NFT has a market cap of $144,982,833.69 and is hosted on the Ethereum chain. The Milady NFT has a market share of 1.85% with a total volume of 119,573 ETH.
There are over 4.52k Milady Nft holders and is ranked 5th in their category as per the data by Nftgo. The overall transactional volume of the NFT has observed a decline of 33% in the last 30 days. Meanwhile, the overall sales of the NFT took a hit and is down by 45% in the past 30 days.
Conclusion
The overall NFT market is currently picking up the pace despite the drop down in 2023. Various NFT like BAYC have dropped down to their 2022 levels, while others have been growing steadily. With the onset of Ordinals, a new era of NFT has been introduced to Bitcoin. Many analysts are speculating a higher growth in the NFT market by 2025. It will be exciting to watch how far the application of NFT grows in to the real world in the future.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
