NFT Prices Drop But Market Cap Steady Above $7 Billion
Blue-chip NFT collections saw steep losses over the past week as ether retreated from its all-time high. Data from DefiLlama showed that leading projects dropped by double digits, with Pudgy Penguins, Bored Ape Yacht Club (BAYC), and Doodles among the hardest hit.
NFT prices plunge with ETH pullback
Pudgy Penguins, the top NFT collection by trading volume, fell 17.3% to a 10.32 ETH floor price. BAYC dropped 14.7% to 9.59 ETH, while Doodles had one of the sharpest corrections at 18.9% to 0.73 ETH. Other well-known names like Moonbirds and Lil Pudgys declined 10.5% and 14.6%, respectively.
The downturn followed a sharp retracement in ETH’s price after reaching a new high of $4,946 on August 12, according to CoinGecko. ETH slid 12% to $4,342 the next day before stabilizing around $4,433.
Market resilience despite price drops
Not every NFT collection was equally affected. CryptoPunks, which still leads the sector by market capitalization, dropped only 1.35% during the week, showing relative stability. Despite floor price declines, trading activity remained strong. Pudgy Penguins led weekly volume with 2,112 ETH (about $9.36 million), followed by Moonbirds with 1,979 ETH ($8.77 million), and CryptoPunks with 1,879 ETH ($8.33 million). BAYC trailed at 809 ETH ($3.59 million).
The broader NFT market also weakened. Market capitalization slipped nearly 5% to $7.7 billion, according to NFT Price Floor. This came after peaking at $9.3 billion on August 13, a 40% rise from July’s $6.6 billion, driven by surging ETH prices. By August 18, the market cap had dropped further to $8.1 billion, wiping out $1.2 billion in digital collectible valuations.
Sources:
https://cointelegraph.com/news/blue-chip-nfts-eth-retreat-cryptopunks-resilience