From Axie Infinity to the Rise of NFTs: Top NFT Collections and How Much Their Prices Have Crashed Since 2021

In 2021, alongside the sudden surge of interest in play-to-earn games through Axie Infinity, another Web3 industry also flourished.

In 2021, alongside the sudden surge of interest in play-to-earn games through Axie Infinity, another Web3 industry also flourished. The rise of digital artworks, or non-fungible tokens (NFTs), brought a transformative change to the digital economy, merging art, technology, and ownership.

In fact, the Hiscox Online Art Trade Report revealed that NFT sales of crypto art and collectibles hit an estimated $3.5 billion in September 2021.

This article takes a look back at some of the most sought-after NFT collections during the market boom and examines how much their value has declined since their peak.

What are NFTs?

A non-fungible token is a digital asset that certifies ownership or authenticity of a unique item or content, typically secured on a blockchain. Unlike cryptocurrencies, which are identical and interchangeable (fungible), NFTs are distinct and cannot be swapped on a one-to-one basis, making them “non-fungible.”

As of 2025, the term “NFTs” is no longer as prominent as it once was. While there are still artists and firms launching collections, they now represent a niche part of the digital economy rather than a mainstream sensation.

Moreover, the once high-valued collections—even amounting to millions of dollars when converted to fiat—have significantly dropped in price.

Top NFT Collections: Then and Now

Cryptopunks

What is it:

CryptoPunks are one of the first and most iconic NFT collections, featuring 10,000 unique pixel-art characters on the Ethereum blockchain. CryptoPunks are 24×24 pixel art characters created through an algorithm. While most feature punk-style men and women, some rarer variations include apes, zombies, and even aliens.

It was originally given away for free in 2017, but it was later sold for millions.

Over the years, CryptoPunks have been showcased in major auctions, such as at Christie’s and Sotheby’s, and added to prestigious art museums like ICA Miami and Centre Pompidou.

In 2022, luxury jeweler Tiffany & Co. partnered with CryptoPunks to launch NFTiffs, a limited collection of 250 digital passes exclusive to CryptoPunk holders. Each NFTiff cost 30 ETH (around $51,000 at the time) and allowed buyers to mint a customized pendant crafted from 18-karat gold, designed to match their CryptoPunk.

Peak price: According to the cryptopunks website, the highest price paid for a CryptoPunk was 8,000 ETH (around $23,7 million) for CryptoPunk #5822, a rare “alien” punk sold on Feb. 12, 2022.

Current floor: As of March 31, the price floor for CryptoPunks is 42.59 ETH (around $76,600), with a 24-hour sales volume of 163.70 ETH (approximately $294,500), according to Magic Eden.

Plunge percentage: The price of CryptoPunks has dropped by approximately 99.68% from its peak to the current floor price.

Other metrics: Crypto data aggregator CoinGecko noted that, as of March 31, there are a total of 9,994 NFTs minted, held by 3,851 unique owners, with a total market cap of $765,896,111.

Bored Ape Yacht Club

What is it:

The Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique NFTs featuring cartoon apes with various traits. Launched in April 2021 by Yuga Labs, the collection quickly became one of the most famous NFT projects, attracting celebrities such as Justin Bieber, Eminem, and Stephen Curry, as well as major brands like Adidas.

BAYC NFTs serve as membership passes, granting holders access to exclusive perks like private events, a community Discord, and branding rights.

The project later expanded into an ecosystem that includes:

Peak price: The highest paid price for a BAYC NFT occurred in September 2021, when a solid gold Bored Ape was auctioned on Sotheby’s NFT marketplace for $3.4 million.

#AuctionUpdate #BAYC #8817 sells for a RECORD $3,408,000 USD! This is the first time it has been made available since it was minted. Less than 1% of all Bored Apes have the gold fur trait. From the collection of @j1mmyeth #NativelyDigitalhttps://t.co/s7J77P7JVw

— Sotheby's Impact (@S