TL;DR
- Leading NFT collections including Pudgy Penguins, Bored Ape Yacht Club, and Doodles have faced double-digit declines in floor prices over the past week, coinciding with Ethereum’s pullback from record highs.
- Despite these drops, CryptoPunks maintained relative stability. Trading volumes across blue-chip NFTs remain robust, indicating ongoing interest.
- Overall NFT market capitalization fell from $9.3 billion to $7.7 billion, showing volatility but continued investor engagement in the sector.
The NFT market experienced significant turbulence over the past seven days as Ethereum retreated from its all-time high near $4,946 to trade around $4,433. According to DeFiLlama data, top blue-chip collections like Pudgy Penguins, BAYC, and Doodles suffered double-digit floor price drops. Pudgy Penguins declined 17.3% to 10.32 ETH, BAYC lost 14.7% to 9.59 ETH, and Doodles fell 18.9% to 0.73 ETH.
Other notable collections such as Moonbirds and Lil Pudgys saw losses of 10.5% and 14.6%, respectively. Market observers noted that even with declines, the underlying NFT ecosystem shows resilience, with developers continuing to release new features and collaborations, helping maintain long-term interest.
CryptoPunks Show Resilience Amid Market Volatility
Not all major NFT collections were affected equally. CryptoPunks, still the top collection by market capitalization, recorded only a 1.35% drop over the week, demonstrating resilience in a highly volatile environment. High trading volumes persisted, with Pudgy Penguins leading at roughly 2,112 ETH ($9.36 million), Moonbirds at 1,979 ETH ($8.77 million), and CryptoPunks at 1,879 ETH ($8.33 million). BAYC followed with 809 ETH ($3.59 million), reflecting ongoing investor demand despite floor price declines. The current volatility is also driving renewed discussion about the potential for fractionalized NFT ownership and greater adoption of NFT staking mechanisms, which could attract new participants.
NFT Market Capitalization Retreats But Activity Remains Strong
Overall NFT market capitalization dropped from $9.3 billion on August 13 to $7.7 billion by August 18, representing a nearly 17% decline over five days. Analysts highlight that such corrections are part of normal market cycles and stress the enduring liquidity in blue-chip projects. On a blockchain level, Ethereum dominated NFT sales with $12.88 million in transactions over the past 24 hours, while platforms like Solana, Avalanche, and Base posted significant gains despite occasional wash trading spikes.
Smaller projects like Quills Adventure even recorded strong weekly gains, signaling continued innovation and opportunity in the sector. Market participants remain confident that the recent pullback provides an opportunity for strategic acquisitions, particularly in undervalued collections with active development roadmaps.
