NFT On-Chain Special: Ethereum occupies 97% of the high-end NFT market sales share, Punk has increased by over 45% since the low point

Author: OurNetwork

Compiled by: Deep Tide TechFlow

NFTs

Mad Lads | Pudgy Penguins | NodeMonkes | CryptoPunks | Milady Maker

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Ethereum still holds an absolute advantage in the high-end NFT market, accounting for 97% of sales

• In the past 30 days, the total NFT trading volume of the top four blockchains exceeded $300 million. Among them, Ethereum accounted for 42%, Solana for 23.5%, Bitcoin for 18%, and Polygon for 16.5%. Although Ethereum's market share has declined compared to previous years—around 70% in 2023—it still dominates the high-end NFT market. For instance, in the top 30 sales during this period (excluding 1-of-1 NFTs), Ethereum occupied 29 spots, while Solana only had 1. Notably, the top three Ethereum sales were all CryptoPunks, with one featuring ape traits and two featuring zombie traits, each selling for over $1 million.

• In contrast, among the top 30 sales on Solana in the past 30 days, only 1 exceeded $100,000. 13% of sales fell between $30,000 and $40,000, while 84% were between $10,000 and $15,000. As for Bitcoin, its top 4 sales were all between $60,000 and $65,000, with 20% of sales between $25,000 and $40,000, and 66% around $20,000.

• In the top 30 sales last month—excluding 1-of-1 types—23 came from Larva Labs, with Dmitri Cherniak and Tyler Hobbs each accounting for 1. These two artists are often top sellers in the 1-of-1 collectible space. According to the NFT Price Floor artist rankings, which are sorted by the market value of the artist's collection, the NFT artist XCOPY stood out with a 13% increase in market value, making it into the top four.

• Trading Highlights: XCOPY's rise in the NFT Price Floor artist rankings reflects collectors' and decentralized autonomous organizations' (DAOs) keen interest in specific artists and styles. A typical case is Artifaction² recently purchasing The Doomed for 55 ETH, making this transaction one of the top ten most expensive sales in the Known Origin version. Such transactions have fueled XCOPY's market growth, further solidifying his status as a top artist in the NFT space.

Mad Lads

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Mad Lads reached a peak price of $29,400 in March, with 38% of holders also being long-time Solana users holding Claynosaurz.

• In the first month after Mad Lads launched in April 2023, 3,900 buyers drove a trading volume of 946,000 SOL, approximately $137 million at current prices. Starting from mid-2023, the price of Mad Lads declined from a high of nearly 100 SOL but rebounded to a median price of 185 SOL in March 2024 (around $29,440 at that time), before dropping and stabilizing at 61 SOL (about $8,200) in August 2024. Currently, the price of Mad Lads is 6.25 times its price in the first month (in USD).

• 38% of Mad Lads holders purchased their NFTs using wallets created before the purchase—indicating that a significant portion of Mad Lads purchases comes from long-term Solana users, showcasing their loyalty and deep engagement with the network.

• Analyzing other NFT collections held by Mad Lads holders reveals a 21.67% overlap with the Claynosaurz collection. Other notable intersections include Lily, Tensorians, The Heist, and Okay Bears, with overlap rates ranging from 14% to 18%.

Pudgy Penguins

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Pudgy Penguins currently account for one-tenth of all NFT trading volume

• Pudgy Penguins is currently the third-largest NFT collection by market value across all chains. Since its launch in July 2021, Pudgys have consistently expanded their market share, accounting for 5% to 15% of ETH-denominated NFT trading volume since December 2023. This corresponds to a price peak of 20 ETH, followed by a decline. Since April 2024, Pudgys' floor price has hovered around 10 ETH, which is significantly higher than other "blue-chip" NFT collections in terms of percentage from their historical highs.

• In the past 12 months, a significant number of sales occurred at the 10 ETH price point, indicating a strong consensus in the market regarding Pudgys' current floor price. Additionally, there have been slight fluctuations around 5.9 ETH and 19.9 ETH, showing secondary price concentration.

• Many holders have a cost basis far below the current price (black line), indicating that most holders are in profit. Some holders have a cost basis significantly higher than others, reaching up to 40 ETH, suggesting they purchased "rare" Pudgys.

• Trading Highlights: A sale of Pudgy worth 150 ETH took place in March 2024, making it one of the top 5 sales in the history of this NFT collection and the largest sale of the year.

NodeMonkes

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NodeMonkes rebound 80%, leading the recovery of Ordinals

• The summer was bleak for Ordinals, with leading collections experiencing declines of 70% or even over 80%. However, there are signs that the bottom may have formed—NodeMonkes led a rebound in Ordinals, currently rising 94% from a local low of 0.095 BTC on September 6. Their current price is 0.18 BTC, the highest level since June 20—effectively recovering from the declines throughout the summer.

• Cross-chain NFT trading volume metrics reflect the demand for NodeMonkes. According to Cryptoslam data, NodeMonkes ranked 6th in NFT trading volume in the past 30 days, with a trading volume of $8.6 million. They are the largest collection by trading volume on Bitcoin, leading by 58%, and are second only to CryptoPunks among all Ethereum NFTs.

• Not only is the floor price at a local high, but trading volume is as well. NodeMonkes reached nearly $1 million in single-day trading volume on September 23, specifically $983,057. This is the highest single-day volume since June 28, nearly setting a three-month record.

• Trading Highlights: NodeMonkes' prices continue to be above the floor price. Eleven days ago, a single-feature NodeMonke sold for 1.02 BTC ($57,600), eight times the then-floor price. In the past month, four NodeMonkes sold for 0.4 BTC ($26,000) or more, with prices ranging from 0.4 BTC to 0.714 BTC. Three of these NodeMonkes feature the highly sought-after "golden" skin trait, while the Node sold for 0.714 BTC is considered the 8th rarest in the collection. These sales above the floor price demonstrate the demand from true collectors and indicate the overall health of NodeMonkes.

CryptoPunks

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Punks have risen over 45% since the low in early August

• CryptoPunks hit a local low of 19.7 ETH on August 4, following a tough year for the Punks collection and the broader NFT market. However, as of September 22, the floor price has rebounded by 46.6%, reaching 28.89 ETH. The collection is still down nearly 75% compared to its all-time high of 113.9 ETH set in October 2021.

• In the past 30 days, several notable Punk sales occurred, including one Ape that sold for 620 ETH (over $1.6 million), marking the first Ape sale since September 2022. A Punk with zombie and hoodie traits was purchased and resold for a profit of 75 ETH within three days. Additionally, a crypto market "whale" named 0x_b1 acquired a Hoodie Punk for 300 ETH.

• In the past 30 days, a total of 164 Punk sales occurred, totaling over $18.5 million. The busiest day was August 20, with sales exceeding $3.5 million. The transactions included all three tiers—rare, mid-tier, and floor price—though reasonably priced mid-tier products received widespread attention.

• Trading Focus: A surprising CryptoPunk transaction occurred when Ape Punk #2386 sold for just 10 ETH. This asset was initially split on the now-defunct platform Niftex, and the buyer took advantage of a buyout agreement at 0.001 ETH per share. After a 14-day shareholder rejection period, the proposal was approved. This transaction highlights the risks of splitting assets when monitored by fewer people, making it one of the most talked-about Punk transactions recently.

Milady Makers

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Since price discovery, it has dropped about 45% from its lowest price

• The trend of NFT airdrops, where holding an NFT can lead to airdrops, has greatly facilitated the development of the Milady NFT series. In just two months, Milady qualified for three significant airdrops from Ethena, Omni, and zkSync (along with Pudgy Penguins), driving prices up as buyers anticipated further "free tokens." However, it has been nearly three months since Milady holders last received a free token airdrop, which may be one reason for the decline in the series' price and trading volume.

• Despite the significant drop in floor price, the top 100 Milady holders seem unconcerned, as they have not reduced their Milady NFT holdings in the past 30 days.

• Since peaking at the beginning of the year, Milady's trading volume and the number of unique buyers have continued to decline. However, the Remilia ecosystem token $CULT raised $20 million during its presale, which may activate trading activity and interest—each Milady is eligible for an airdrop worth approximately 2,300 USDT.