Despite the recent decline, NFTs remain a powerful force, with $2.5 billion in sales just last quarter. Once a thriving ecosystem of digital-look art and collectibles, the trend has experienced remarkable peaks and notable valleys. Many of the blue-chip NFT collections that were once selling at a premium have seen a drastic change in value. This article takes a look at the evolution of some of the most iconic NFT collections. It features CryptoPunks, Bored Ape Yacht Club (BAYC), Pudgy Penguins, and Doodles by emphasizing their highest valuations and where they stand in today’s market. Learning about these changes gives us a glimpse into the changing landscape of the NFT space and crypto market as a whole.

CryptoPunks: Pioneering the NFT Revolution

With their 10,000 unique and pixelated avatars, CryptoPunks quickly became one of the earliest and most influential NFT projects. Created in 2017 by Larva Labs, this collection includes 10,000 distinct pixel-art characters stored on the Ethereum blockchain. Each Punk has unique characteristics, with some being rarer and more desirable than others.

Those historical significance and aesthetic value have solidified its place as a blue-chip NFT. CryptoPunks led the way for other NFT projects to succeed and played an essential role in establishing the foundations of today’s digital art market. The most expensive sale ever for a CryptoPunk was $23.7 million (8,000 ETH) CryptoPunk #5822, an “alien” punk. That sale, done on February 12, 2022, represents the height of the NFT market mania.

CryptoPunk #5822 is one of only nine “alien” Punks in the collection, which is where its value lies. Its sale highlighted that NFTs had the potential to be sold for prices on par with fine art. The CryptoPunks collection is still one of the key indicators of value in the NFT market.

Bored Ape Yacht Club (BAYC): Apes on the Ethereum Blockchain

The Bored Ape Yacht Club (BAYC) would soon become the most popular NFT collection to reach mainstream media attention. Launched in April 2021 by Yuga Labs, BAYC features 10,000 unique NFTs depicting cartoon apes with various traits and accessories. The project soon became a huge success for its unique art style and the tight knit community that it encouraged.

After all, BAYC’s hype was at its peak in early 2022, when prices ballooned as celebrities and influencers bought into the community. The high price for a BAYC NFT is 3,625 SOL, at the time worth $74,742.08. At the time, this valuation merely reflected the intense speculative market demand and the perceived status associated with owning a Bored Ape.

>The appeal of BAYC went well beyond its artistic merit. Once you owned one, you had access to special virtual and in-real-life events. This utility, along with the project’s appealing branding, accounted for the high market appeal of the project. While the NFT market has cooled significantly from its peak, BAYC is still relevant as the next big player, despite all the prices being considerably less than their all-time highs, BAYC included.

Pudgy Penguins: Waddling Through the NFT Space

Pudgy Penguins are a set of 8,888 unique cartoon penguin NFTs that were released on July 22nd, 2021. These NFTs became a huge hit almost overnight thanks to their cute aesthetics and their community-first mentality. The starting mint price was 0.3 ETH per NFT and the entire collection sold out in a matter of only 19 minutes.

The project had its own turbulent skies, from turnover in senior leadership and strategy to the governor’s changing priorities. Despite these hurdles, Pudgy Penguins has continued to cultivate a loyal community and is experiencing a resurgence of interest. Today the floor price of a Pudgy Penguins NFT is 2.9 ETH, about $5,300.

The sustained interest in Pudgy Penguins signals the critical role of community and brand durability to success in the NFT world. Yet through its project’s flexibility and willingness to innovate, it has managed to keep its head above water in contrast to the overall market downturn. Overall, the Pudgy Penguin brand has shown it can be strong. Unlike most collections, it has held a floor price double, triple, or more than its minting price.

Doodles: A Colorful NFT Collection

Doodles is a 10,000-piece generative NFT collection of colorful cartoon characters that all share a highly recognizable, aesthetic, and characteristic look. Artist Scott Martin, aka Burnt Toast, instructed Doodles with co-founders Evan Keast from Tulip and Jordan Castro of Poopie. The project took off almost immediately, due in large part to the beautiful art and open, friendly community. The collection’s playful aesthetic and focus on connecting with audiences beyond the metaverse distinguishes it from most other NFT projects.

The precious Golden Ape Doodle nabbed an all-time high price of $1.1 million. This record breaking sale showcases just how much people are craving one-of-a-kind, expressive, eye-popping NFTs. Doodles’ success during this brief time can be attributed to its impressive artistic pedigree, cutting-edge community-building efforts, and well-aligned collaborations. This hunger to reach further and be more useful has driven the project from the beginning and goes a long way toward explaining its enduring popularity.

Doodles’ prioritization of inclusivity have opened up real avenues for creativity and playfulness, allowing their community to flourish into one of the most passionate in Web3. Beyond the collective power of wealthy owners, the project’s commitment to artistic excellence and community empowerment has earned it the reputation of top NFT collection. While the NFT market has experienced fluctuations, Doodles remains a prominent player, demonstrating the enduring appeal of well-designed and community-driven NFT projects.