The broader NFT market has been in a prolonged slump throughout 2024, with the CryptoSlam 500 NFT Index charting a steady decline in total value across the top collections. Legacy projects that once commanded astronomical prices during the 2021-2022 boom have endured steep corrections. Yet beneath the surface of this bearish macro picture, a handful of collections across Bitcoin, Ethereum, and Solana have delivered real profits for holders who picked the right projects at the start of the year.
TL;DR
- The CryptoSlam 500 NFT Index shows the overall NFT market declining steadily throughout 2024
- Bitcoin Puppets lead profitable collections, rising from 0.02 BTC to 0.09 BTC floor price
- Milady Maker on Ethereum has climbed from 2.56 ETH to 3.88 ETH year-to-date
- Solana collections like Retardio Cousins benefit from the memecoin-driven on-chain activity
- Selectivity has been key—most collections remain deeply underwater from all-time highs
Bitcoin NFTs: The Ordinals Advantage
Bitcoin’s NFT ecosystem, powered by the Ordinals Protocol that launched at the start of 2023, still carries the glow of novelty compared to the more established Ethereum and Solana landscapes. That freshness has translated into genuine price appreciation for a few standout collections.
Bitcoin Puppets has emerged as the breakout success story of the Bitcoin NFT space. These distinctive PFPs launched in January 2024 at floor prices around 0.02 BTC and have since climbed to approximately 0.09 BTC—a more than fourfold increase. The collection hit an all-time high of 0.48 BTC in April before pulling back, but even at current levels, early buyers are sitting on substantial gains. A memecoin called PUPS, inspired by the Bitcoin Puppets aesthetic, further amplified attention around the collection, though there is no official connection between the two projects.
Other Bitcoin NFT collections showing year-to-date gains include OPIUM, from the same creator as Bitcoin Puppets, which has risen from 0.06 BTC to 0.12 BTC. Pizza Ninjas, considered a central Ordinals collection, has registered a more modest increase from 0.06 BTC to 0.092 BTC, with an ATH of 0.2 BTC reached earlier in the year.
Ethereum: Cult Communities Defy the Gravity
Ethereum’s NFT ecosystem has been the hardest hit by the bear market. Blue-chip collections like Bored Ape Yacht Club and CryptoPunks, while still commanding relatively high floor prices in dollar terms—a Bored Ape currently costs around $25,000—are down significantly across the board year-to-date and sit far from their all-time highs.
Yet a few Ethereum collections have managed to swim against the current. Milady Maker, the controversial and intensely cultish PFP collection, has climbed from 2.56 ETH to 3.88 ETH this year, with a peak of 5.795 ETH reached in July. The project’s resilience appears rooted in its dedicated community—when a collection has a following as fervent as Milady’s, market downturns seem to matter less.
Pirate Nation Founder’s Pirate, tied to the Pirate Nation Web3 game, represents a different kind of value proposition: utility-driven NFTs. These PFPs have surged from 0.33 ETH to 1.1 ETH, hitting a 1.6 ETH ATH in July as the gaming narrative gained traction. Kaiju Kingz, an older PFP collection, rounds out the profitable Ethereum list with a modest rise from 0.078 ETH to 0.11 ETH.
Solana: The Memecoin Halo Effect
If there is one story that defines crypto culture in 2024, it is the explosion of memecoins. Solana has become the primary network for memecoin trading, with an on-chain casino atmosphere driving enormous volumes of transactions and user activity. This energy has spilled over into the NFT space, with Solana-based collections benefiting from the general attention economy.
Retardio Cousins stands out as the primary Solana NFT winner, riding the wave of memecoin-fueled on-chain activity. The broader Solana NFT ecosystem has seen increased trading volumes as users already active on the network for token speculation explore NFT markets as well.
Airdrops Add Hidden Value
Beyond pure floor price appreciation, several NFT collections have delivered value to holders through airdrop eligibility. Projects that have built ecosystems around their NFTs—providing token allocations, access to new mints, or governance rights—have created additional return streams that do not show up in simple floor price comparisons. This value layer has become increasingly important as the market matures and projects compete for holder attention beyond speculative price action.
The Trump Digital Trading Cards Anomaly
On Polygon, Trump Digital Trading Cards have emerged as an unexpected winner, driven largely by political attention and the unique intersection of celebrity, politics, and digital collectibles. The collection’s performance highlights how NFT markets can still be moved by cultural moments and narrative shifts that have little to do with traditional crypto market dynamics.
Why This Matters
The 2024 NFT landscape paints a clear picture: the era of rising tides lifting all boats is firmly over. With the CryptoSlam 500 Index declining and the vast majority of collections losing value, profitability now requires genuine selectivity and conviction. The winners—Bitcoin Puppets, Milady Maker, Retardio Cousins, Pirate Nation—share common traits: strong community identity, clear cultural relevance, and in some cases, tangible utility. For investors and collectors, the lesson is that NFT markets are maturing into something more closely resembling traditional art and collectibles markets, where fundamental quality and cultural significance matter far more than generalized market sentiment. The projects that survive and thrive in this environment will be those that build lasting communities and deliver ongoing value, not those that rely solely on speculative momentum.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. NFT investments carry significant risk, including the potential for total loss. Always conduct your own research before making any purchase decisions.
Bitcoin Puppets going from 0.02 to 0.09 BTC is a 4.5x in a bear market for NFTs. the Ordinals narrative has legs that most Eth maxis refuse to acknowledge
the CryptoSlam 500 declining steadily and only a handful of collections being profitable tells you everything. 99% of NFTs are still down bad from 2021 highs
Milady climbing from 2.56 to 3.88 ETH while everything else bleeds out shows how strong the cult following is. you literally cannot fade Milady energy
retardio cousins benefiting from memecoin activity makes sense. most Solana NFT volume in 2024 was just degen rotation between whatever was trending