NFT Market Cap Drops by $1.2 Billion as Ether Decline Hits Top Collections
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Overview
The NFT market has seen a significant correction, losing over $1.2 billion in total value within a week. This drop closely follows a notable decline in Ether’s price, which has impacted the valuation of major NFT collections and reduced trading activity across the sector.
1. Ethereum’s Pullback Shakes the Market
Ether’s price dropped approximately 9% over the past week, from nearly $4,700 to around $4,292.33, with a 5.53% drop in the last 24 hours alone.
As most NFTs are traded in ETH, the market capitalization of NFTs fell proportionally—down 12%, from $9.3 billion to $8.1 billion.
The drop has created hesitation among buyers, with both floor prices and trading volume decreasing across top collections.
2. Leading Collections Face Sharp Declines
CryptoPunks
Maintains its position as the top-valued NFT collection, but its total market cap dropped from $2.4 billion to $2.1 billion.
Weekly trading volume fell by 34% to $12.7 million, while the number of sales declined by 28% (51 transactions in total).
Bored Ape Yacht Club (BAYC)
Took a substantial hit, with market cap plunging from $602 million to $482.3 million—a 20% decline.
Slid to third place in overall NFT market cap rankings, falling behind Pudgy Penguins.
3. Pudgy Penguins: A New Challenger Rises
Despite losing value—down 17% from $591 million to $491 million—Pudgy Penguins overtook BAYC, becoming the second-largest NFT collection by market cap.
Sales volumes have been higher than BAYC in recent weeks, suggesting sustained interest.
In a sign of growing corporate adoption, NASDAQ-listed BTCS Inc. added three Pudgy Penguins NFTs to its corporate treasury, highlighting a new form of digital asset diversification.