NFTs (non-fungible tokens) saw explosive growth from 2021 to 2022, generating over $25 billion in trading volume. While thousands of collections launched, a handful established genuine cultural cachet, brand recognition, or technological significance. This entry covers the most historically important NFT collections, their mechanics, peak valuations, and current standing.
CryptoPunks (2017)
Creator: Larva Labs (John Watkinson and Matt Hall), acquired by Yuga Labs in 2022
Chain: Ethereum
Supply: 10,000
Peak floor price: ~104 ETH (~$380,000) — March 2022
CryptoPunks are 24×24 pixel art portraits — 10,000 algorithmically generated characters with various attributes (hats, glasses, skin types, pipe smokers, zombies, apes, aliens). Launched as a free claim in June 2017, they were the first NFT collection — predating the ERC-721 standard they helped inspire.
Punks became “status symbols” in crypto culture; verified Twitter/X accounts, boardrooms, and even Sotheby’s auction houses recognized them. The rarest attributes (aliens: 9, zombies: 88, apes: 24) trade with significant premiums. As of 2024, floor prices are ~3–7 ETH — dramatically lower than 2022 peaks but still maintaining blue-chip status.
Bored Ape Yacht Club — BAYC (2021)
Creator: Yuga Labs
Chain: Ethereum
Supply: 10,000
Peak floor price: ~150 ETH (~$430,000) — April 2022
BAYC turned NFT ownership into a club membership model: every holder received commercial rights to their ape’s image, access to exclusive events, and airdropped companion NFTs (Mutant Apes, Bored Ape Kennel Club). Celebrities including Eminem, Snoop Dogg, Paris Hilton, and Justin Bieber purchased BAYC apes.
Yuga Labs raised $450 million at a $4 billion valuation in March 2022. It launched the ApeCoin (APE) token and the Otherside metaverse project. Since the 2022 peak, BAYC floor prices have fallen ~95% from ATH, though the collection retains brand recognition in traditional media.
Azuki (2022)
Creator: Chiru Labs (Zagabond / Arnold Tsang)
Chain: Ethereum
Supply: 10,000
Peak floor price: ~30 ETH (~$80,000) — January 2022
Azuki positioned itself as a “brand for the metaverse” with anime-inspired art and a physical-digital bridge model (Physical Backed Tokens, or PBTs). Floor initially surged on anime aesthetics and whitelist mechanics. However, founder Zagabond’s “DYOR” post admitting he had abandoned three prior NFT projects caused an immediate 70% floor price crash within 24 hours — a notable case study in community trust dynamics.
Azuki recovered partially and launched Beanz (free airdrop of companion NFTs) and a 2024 relaunch with “Azuki Elementals” that was critically received as dilutive.
Pudgy Penguins (2021)
Creator: Originally anonymous team → acquired by Luca Netz in 2022
Chain: Ethereum
Supply: 8,888
Peak floor price: ~22 ETH (~$70,000) — 2022
Pudgy Penguins are notable for a remarkable turnaround story: the original team (accused of mismanagement) was replaced when Luca Netz purchased the collection’s IP for $2.5 million in January 2022. Under new management:
- Physical Pudgy Penguins toys launched in Walmart stores nationwide (2023) — selling over 1 million units
- Collection underwent brand revamp with physical-to-digital licensing model (Pudgy World)
- Floor stayed relatively resilient compared to BAYC/Azuki during the 2022–2023 downturn
Pudgy Penguins are frequently cited as the NFT collection that best demonstrated a viable business model beyond pure speculation.
Bitcoin Ordinals / Inscriptions (2023)
Creator: Casey Rodarmor (protocol), various artists
Chain: Bitcoin
Note: No floor price standard — traded individually
Bitcoin Ordinals (introduced January 2023) allow data — images, text, video — to be inscribed directly onto individual satoshis on the Bitcoin blockchain, creating Bitcoin-native NFTs with no external metadata or off-chain storage dependencies. This was controversial among Bitcoin maximalists (who considered it blockchain “spam”) but generated $300M+ in inscription fees in 2023.
Key collections:
- Bitcoin Frogs (10,000 frogs, first major Ordinals PFP collection)
- Ordinal Punks (100 punks, first 100 inscriptions in their style)
- NodeMonkes (10,000, highest-volume Ordinals collection, $100M+ cumulative volume)
2024 NFT Market
NFT secondary trading volume fell ~97% from the January 2022 peak by late 2023. Major markets (OpenSea, Blur) continued operating but at a fraction of 2022 volume. The narrative shifted from “profile picture” speculation toward gaming NFTs, music rights, and real-world asset tokenization.
Social Media Sentiment
Blue chip NFT collections remain CT topics but with a survivor mentality. CryptoPunks holders discuss provenance and historical significance. BAYC holders debate Yuga Labs’ execution after years of disappointing launches. Pudgy Penguins’ Walmart success story is the most-cited positive NFT business model example in CT about sustainable NFT brands. New collection culture has largely migrated to Solana where gas costs are lower.
Last updated: 2026-04
Related Terms
Sources
- Nadini, M., Alessandretti, L., Di Giacinto, F., Martino, M., Aiello, L.M., & Baronchelli, A. (2021). “Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features.” Scientific Reports, 11.
- Yuga Labs v. Ripps (2022). Central District of California.
- Dowling, M. (2022). “Fertile LAND: Pricing Non-Fungible Tokens.” Finance Research Letters, 44.
- Rodarmor, C. (2023). “Ordinals: An Introduction.” Ordinals.com.
- Messari NFT Market Report Q4 2023.