cointelegraph.com
Blue-chip non-fungible token ($NFT) collections had steep weekly declines as Ether pulled back from all-time highs.
Data from decentralized finance aggregator DefiLlama showed that top projects saw their floor prices sink by double digits in the last seven days. Blue-chip $NFT collections like Pudgy Penguins, Bored Ape Yacht Club (BAYC) and Doodles were among the hardest hit.
Pudgy Penguins, the top $NFT collection by 24-hour and 7-day volume, saw a 17.3% drop to a 10.32 Ether ($ETH) floor price. BAYC shed 14.7% to 9.59 $ETH, while Doodles recorded one of the sharpest corrections, dropping 18.9% to 0.73 $ETH. Other major collections like Moonbirds and Lil Pudgys dropped 10.5% and 14.6%, respectively.
The $NFT floor price drop followed a sharp $ETH retracement after hitting new all-time highs. On Monday, CoinGecko data showed that $ETH reached a new all-time high of $4,946. $ETH dropped 12% on Tuesday to $4,342 before recovering slightly. At the time of writing, the crypto asset traded at $4,433.
CryptoPunks remain resilient despite the market crash
While many collections suffered heavy losses, not all $NFT projects were in retreat. CryptoPunks, which remained the top $NFT collection by market cap, showed relative resilience, dropping only 1.35% over the week.
Despite the top collections showing floor price declines, trading volumes remained high. Throughout the week, Pudgy Penguins led the market with about 2,112 $ETH (about $9.36 million) in trading volume. The collection was followed by Moonbirds, with 1,979 $ETH ($8.77 million).
CryptoPunks followed closely with 1,879 $ETH (about $8.33 million) in volume, while BAYC had 809 $ETH ($3.59 million).
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$NFT market capitalization drops to $7.7 billion
While blue-chip NFTs suffered double-digit declines, the broader $NFT space also dropped almost 5% to $7.7 billion, according to data aggregator $NFT Price Floor.
On Aug. 13, $NFT Price Floor showed that the overall $NFT market capitalization peaked at $9.3 billion, up 40% from July’s $6.6 billion. The surge was fueled by an increase in $NFT activity following an $ETH surge.
On Aug. 18, the $NFT market cap dropped further to $8.1 billion, wiping out $1.2 billion from digital collectible valuations.
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