6 Top NFT Projects by Market Cap
In recent years, the NFT (Non-Fungible Token) market has witnessed a surge in popularity. Many investors have shown interest in these digital assets, contributing to their increasing market capitalization. NFTs offer more than just a piece of digital artwork; they provide buyers with an exclusive ownership experience. Let’s check out the six top NFT projects by market cap, shedding light on their significance in the evolving digital economy landscape. But before that, let’s start with the definition of market cap.
What is Market Cap?
For this article, the market cap of each NFT collection refers to the total value of all the tokens or digital assets within a specific collection. It represents the overall worth of the collection and is calculated by multiplying the collection’s current floor price by the total number of NFTs in the collection. This metric is often used to compare the popularity of different collections. However, it is important to note that market cap alone doesn't determine the quality or desirability of NFTs, as factors such as artist reputation, rarity, uniqueness, and market demand also influence perceived value.
Largest NFT Projects by Market Cap as of June 2023
As of June 8, 2023, the Bored Ape Yacht Club collection recorded the highest market cap among NFT collections. The Azuki collection ranked second on the list, with a market cap of roughly $327,430,276. Based on the total market cap as of June 8, 2023, we have listed the six top NFT projects. They are Bored Ape Yacht Club, Azuki, Mutant Ape Yacht Club, Bored Ape Kennel Club, Beanz Official and DeGods. Let’s take a look at each collection in detail.
1. Bored Ape Yacht Club
Market Cap - 479,594 ETH
The Bored Ape Yacht Club is a NFT collection of 10,000 NFTs featuring cartoon ape characters with different combinations of rare traits. Yuga Labs is the creator of the Bored Ape Yacht Club. These apes have distinct traits, such as fur type, accessories, and backgrounds, contributing to their rarity. Each Bored Ape NFT also serves as a membership card for the Yacht Club, granting exclusive privileges to the owners. One of the perks is access to a collaborative graffiti board called THE BATHROOM, available only to Bored Ape Yacht Club members. The current market cap of the Bored Ape Yacht Club stands at 479,594 ETH.
2. Azuki
Market Cap - 174,661 ETH
Azuki is an anime-inspired NFT collection of 10,000 unique NFTs released on January 12, 2022. Chiru Labs, a group of artists, developers, and entrepreneurs, developed this collection. Each Azuki NFT represents a distinct character generated with various traits and accessories, including hair, clothing, face, headgear, and mouth items. By owning Azuki NFTs, individuals become part of The Garden, a virtual community designed for artists, builders, and Web3 enthusiasts. As holders, they enjoy exclusive perks such as access to special merchandise and events. Currently, the market cap of Azuki stands at 174,661 ETH.
3. Mutant Ape Yacht Club
Market Cap - 192,779 ETH
The Mutant Ape Yacht Club, also known as MAYC, is an NFT collection of 20,000 NFTs. Created by Yuga Labs, the MAYC collection was introduced to the market on August 28, 2021. Half of the NFTs were sold through a public auction, while the remaining half were generated through a smart contract mechanism. Existing holders of Bored Ape Yacht Club (BAYC) NFTs had the opportunity to combine their BAYC NFT with an airdropped Mutant Serum NFT, creating a Mutant Ape NFT. This approach made the Mutant Ape Yacht Club one of the pioneering collections to reward its community with a completely new and complementary NFT. At present, the market cap of the Mutant Ape Yacht Club stands at 192,779 ETH.
4. Bored Ape Kennel Club
Market Cap - 41,404 ETH
The Bored Ape Kennel Club (BAKC) is a collection of 10,000 NFTs featuring cartoon dog characters with various trait combinations. Yuga Labs is the creator of the Bored Ape Kennel Club. Every dog in the collection is unique and programmatically-generated from over 170 possible traits, such as fur type, accessories, and backgrounds, all of which contribute to their rarity. Additionally, each BAKC NFT serves as a membership card for the broader BAYC ecosystem, which provides opportunities to earn rewards and exclusive access to Bored Ape communities and events. The current market cap of the Bored Ape Kennel Club is 41,404 ETH.
5. BEANZ Official
Market Cap - 31,317 ETH
BEANZ Official is an NFT collection launched in April 2022. The collection comprises 19,950 small, algorithmically generated creatures that emerge from the ground. Developed by the Chiru Labs team as the second project in the Azuki universe, BEANZ plays a vital role in the Azuki Garden, the Azuki metaverse. Each BEANZ NFT showcases twelve distinct features, including backgrounds, clothing, and accessories. By owning BEANZ NFTs, individuals gain access to the vibrant Azuki community and enjoy early access to merchandise, collectible releases, and various utilities within the Azuki metaverse. The current market cap of BEANZ Official stands at 31,317 ETH.
6. DeGods
Market Cap - 82,753 ETH
DeGods is a digital art collection and a global community of creators, developers, entrepreneurs, athletes, artists, experimenters, and innovators. It aims to be a platform that brings together individuals from diverse backgrounds who share a passion for digital art and creativity. Currently, DeGods boasts a market cap of 82,753 ETH.
The six NFT collections mentioned above have gained significant attention and market capitalization among all the listed NFT projects. The market cap of these collections highlights the value individuals place on owning these NFTs. Check out their collection pages on Digitali to learn more!
Source: CoinGecko NFT Rankings (https://www.coingecko.com/en/nft)