Blue-chip non-fungible token (NFT) collections experienced significant weekly declines as Ether receded from its all-time highs.
Data from the decentralized finance aggregator DefiLlama indicated that leading projects witnessed their floor prices fall by double digits over the past week. Blue-chip NFT collections such as Pudgy Penguins, Bored Ape Yacht Club (BAYC), and Doodles faced some of the most severe impacts.
Pudgy Penguins, the leading NFT collection by 24-hour and 7-day volume, saw a 17.3% decrease to a floor price of 10.32 Ether (ETH). BAYC declined by 14.7% to 9.59 ETH, while Doodles experienced one of the steepest corrections, plummeting 18.9% to 0.73 ETH. Other prominent collections like Moonbirds and Lil Pudgys fell by 10.5% and 14.6%, respectively.
The drop in NFT floor prices coincided with a sharp retracement of ETH after it reached new all-time highs. On Monday, data from CoinGecko showed that ETH hit a record high of $4,946. On Tuesday, ETH dropped by 12% to $4,342 before recovering slightly. At the time of writing, the cryptocurrency was trading at $4,433.
Top NFT collections by trading volume. Source: DefiLlama
CryptoPunks show resilience despite market downturn
While numerous collections endured heavy losses, not all NFT projects retreated. CryptoPunks, which remained the leading NFT collection by market cap, displayed relative stability, declining only 1.35% over the week.
Despite the top collections facing floor price reductions, trading volumes stayed robust. Throughout the week, Pudgy Penguins dominated the market with approximately 2,112 ETH (around $9.36 million) in trading volume. This was succeeded by Moonbirds, with 1,979 ETH ($8.77 million).
CryptoPunks closely followed with 1,879 ETH (about $8.33 million) in volume, while BAYC had 809 ETH ($3.59 million).
Related: 3D-printed housing company adopts Bitcoin, NFTs in blockchain shift
NFT market cap falls to $7.7 billion
While blue-chip NFTs registered double-digit declines, the wider NFT market also decreased by nearly 5% to $7.7 billion, according to data aggregator NFT Price Floor.
On August 13, NFT Price Floor indicated that the overall NFT market capitalization peaked at $9.3 billion, reflecting a 40% increase from July’s $6.6 billion. This surge was driven by a rise in NFT activity following the ETH spike.
On August 18, the NFT market capitalization further declined to $8.1 billion, erasing $1.2 billion from the valuations of digital collectibles.
Magazine: Ethereum’s roadmap to 10,000 TPS using ZK tech: A beginner’s guide
