These are the top 5 NFT collections by market capitalization
Non-fungible tokens (NFTs) have taken the world by storm in recent times, revolutionizing the way digital ownership is perceived. Investors and collectors are interested in these special digital assets, which denote ownership of a digital object.
CryptoPunks
Created by Larva Labs in 2017, CryptoPunks are considered pioneers in the NFT sector. The community has enjoyed these 8-bit pixelated images, where each punk has unique characteristics. Owning a CryptoPunk is seen as a symbol of prestige among community members, with a handful of punks raking in millions of dollars. The collection has a market value of $2.12 billion at the time of publication.
Art blocks
Art Blocks is an NFT project that enables creators to generate algorithmic art. A set of instructions is used to generate randomized artwork. Several of these items had fetched millions of dollars from sales considering their huge demand in the market. Some of the most creative and exciting NFT art has been showcased on Art Blocks, giving it a reputation as a platform. The collection currently has a market value of .
Bored Ape Yacht Club
The Bored Ape Yacht Club (BAYC) has a collection of 10,000 algorithmically generated digital monkeys. Each token has its unique characteristics and qualities. Some are more unusual and more expensive than others. The project has a significant and devoted fanbase, with BAYC rising to prestige in 2021. The collection currently has a market cap of $2.73 billion.
Pudgy penguins
Pudgy Penguins is a collection of 8,888 unique penguin images with different characteristics. The tokens were created randomly, although some are more valuable and rare than others. With some penguins achieving six-figure prices, the initiative has attracted a lot of interest from the NFT community. The collection currently has a market cap of $244 million according to CryptoSlam data.
Board Ape Kennel Club
The Board Ape Kennel Club (BAKC) is a spin-off project of the Bored Ape Yacht Club, with a collection of 10,000 unique images of algorithmically generated dogs. Each token has unique characteristics and qualities, some are rarer and more expensive than others. The initiative has attracted great interest from the NFT community, with collectors increasingly favoring the collection.
These NFT projects have gained a large user base due to their uniqueness, rarity and more. Each initiative has its group of collectors who value the individuality and scarcity of tokens. The collectible has a market value of $437.72 million.
NFTs are part of an extremely volatile market considering that new and creative initiatives are constantly being introduced. Currently, there are several collections roaming around the industry. Each of them has something distinctive and important to collectors. It will be interesting to see how the NFT market develops and expands in the coming years.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
