Quick take:
- Milady NFT, Pudgy Penguins and Captainz all registered a significant increase in market caps over the past 12 months.
- Degods and y00ts remained relatively unchanged after leaving Solana blockchain for Polygon and Ethereum.
- Azuki and Beanz had higher market caps compared to June 2022 but plunged substantially after the Elementals NFT debacle.
The NFT market has bounced back slightly since the beginning of the year. However, the adverse effects of the crypto winter are yet to be completely erased, with NFT prices still lower than they were twelve months ago.
However, some blue-chip NFTs appear to have faired better compared to the rest, with Milady NFT, Pudgy Penguins and Captainz, all registering significant gains in their floor prices and market caps.
Milady NFT
The Milady NFT floor price has risen from 0.28 ETH in June 2022 to the current level of 2.67 ETH, boosting the market cap for the collection from about $5 million to over $50 million.
The collection briefly registered an all-time market cap high of about $83 million, when the ETH floor rose to 4.57 in May 2023.
The Captainz NFT
This collection of 9,999 Captainz has witnessed one of the best floor price gains since February. After briefly dipping shortly after the launch in January, the floor price rallied from 3.51 ETH to hit an all-time high of about 9.65 ETH, pushing the market cap above $183 million.
Although the ETH floor has since edged downwards, the collection is still valued at a higher market cap compared to January levels.
Pudgy Penguins NFT
Pudgy Penguins ramped up its steady rise in market capitalisation with a $9 million seed round led by 1KX. The announcement of the fundraising boosted the market value of the collection to a new all-time high of about $96 million.
Although the collection has experienced some decline in market capitalisation over the past few weeks, at the current market cap of about $64 million, it is still multiple levels above the June 2022 valuation of about $15 million.
While a few NFT collections enjoyed a stellar period since the turn of the year, several others continued to experience declines in floor prices, which led to massive falls in their market capitalisations.
Bored Ape Yacht Club
The Bored Ape Yacht Club NFT collection has experienced a decline of more than 60% in the market capitalisation, with its value falling from about $1.7 billion in June 2022 to the current level of about $645 million.
This wasn’t the only collection by Yuga Labs to register a significant decline in market capitalisation. The Mutant Ape Yacht Club saw its value decline from about $627 million in June last year to $243 million currently, while the Bored Ape Kennel Club and Otherdeed by Otherside dropped from $115 million to $47 million and $470 million to $129 million, respectively.
Meebits, which Yuga Labs acquired from Larva Labs last year saw its market cap drop from about $145 million to just over $51 million.
However, Cryptopunks, another acquisition by Yuga Labs from Larva Labs retains its position as the most valuable collection with a market cap of about $950 million, after remaining relatively unchanged during the past twelve months.
Azuki NFT Collection
Chiru Labs leading NFT collection Azuki faired well throughout the 12 months period before last month’s Elementals NFT, which sent the floor price plunging.
As a result, the Azuki NFT collection now falls under the category of those that have lost value since June 2022, with its market cap declining from about $192 million to about $130 million.
The collection’s sister project Beanz also saw its market value fall from about $51 million to about $16 million at the end of last month.
The Elementals NFT collection caused confusion in the Azuki and Beanz communities after minting revealed avatars very similar to the ones in the Azuki collection.
The Elementals NFT collection has since contributed to significant withdrawals of Azuki NFTs in the BendDAO marketplace.
DeGods and y00ts
Like Cryptopunks, these two NFT collections remained relatively unchanged from the previous market caps in March 2023. The two collections, previously based on Solana, moved to Polygon (y00ts) and Ethereum (DeGods) blockchains in December last year.
Y00ts experienced a momentary spike in the floor price and market cap towards the end of April before resuming to its previous trading and valuation range for the next two months.
Although DeGods has experienced a choppy floor price and market cap, its current market value is only slightly lower than its market cap three months ago.
Clone X NFT Collection
Nike and RTFKT’s leading NFT collection Clone X has been one of the worst-performing NFTs in the past twelve months. Its market cap has plummeted from about $378 million in June last year to less than $65 million, while its floor price is down to 1.76 ETH from 10.75 ETH twelve months ago.
But it was not alone, Doodles saw its market value fall to about $30 million down from about $222 million in June last year, while Kevin Rose’s and PROOF’s Moonbirds Collection plummeted to a market cap of just $33 million down from $366 million over the past twelve months.
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