Blue-chip NFT collections saw sharp weekly losses as Ether retreated from its peak. DefiLlama data shows that top projects saw their floor prices tumble by double digits over the past week.
Blue-chip NFT collections like Pudgy Penguins, Bored Ape Yacht Club (BAYC), and Doodles were hit the hardest. The leading NFT collection by daily and weekly trading volume, Pudgy Penguins, dropped 17.3% to a floor price of 10.32 ETH.
Additionally, BAYC dropped 14.7% to 9.59 ETH, while Doodles tumbled 18.9% to 0.73 ETH. Other major collections like Moonbirds and Lil Pudgys also dropped 10.5% and 14.6% respectively.
CryptoPunks remains resilient amid NFT selloff
NFT floor prices fell after Ethereum pulled back from its record high. On Monday, CoinGecko data showed ETH had reached $4,946 before retracing. Ethereum dropped 12% on Tuesday to $4,342 before edging back up. It’s now trading at $4,433.
While many NFT collections suffered heavy losses, some NFT projects stood resilient. CryptoPunks remain the top collection by market cap, dipping just 1.35% over the week.
Even with floor prices falling across top collections, trading activity remained high. Pudgy Penguins topped the market this week with 2,112 ETH (around $9.36 million) in trading volume. This was followed closely by Moonbirds at 1,979 ETH ($8.77 million).
NFT market loses $1.2B after Ethereum dip
CryptoPunks recorded 1,879 ETH in volume (around $8.33 million), while BAYC logged 809 ETH (about $3.59 million). Blue-chip NFTs suffered double-digit losses, while the overall NFT market fell nearly 5% to $7.7 billion, according to NFT Price Floor.
On Aug. 13, NFT Price Floor reported that the NFT market’s total value climbed to $9.3 billion, marking a 40% rise from $6.6 billion in July. The jump was driven by stronger NFT activity following Ethereum’s price surge.
On Aug. 18, the NFT market value fell to $8.1 billion. That drop wiped out $1.2 billion from digital collectibles.
