CryptoPunks and Bored Apes slide while Pudgy Penguins climb into second place
The NFT market lost more than $1.2 billion in value in less than a week as Ether’s price rally cooled, dragging down several top collections. Data from NFT Price Floor shows the market cap of NFTs dropped 12% to $8.1 billion, down from $9.3 billion last Wednesday.
Ether’s Impact on NFTs
The correction comes as Ether (ETH) fell nearly 9% from its recent peak of around $4,700 to about $4,260. Because most NFTs are minted on Ethereum and denominated in ETH, fluctuations in the cryptocurrency often translate directly into gains or losses in NFT valuations.
In the last 24 hours, ETH slipped another 4%, mirroring the decline across major NFT collections.
Blue-Chip Collections Under Pressure
CryptoPunks, the largest NFT collection by market cap, saw roughly $300 million erased from its valuation. Its market cap now stands at $2.1 billion, down 12% from $2.4 billion last week. According to CryptoSlam, sales volume fell 34% to $12.7 million, while the number of transactions dropped 28% to just 51.
The Bored Ape Yacht Club (BAYC) also struggled, sliding from second to third place in overall NFT rankings. Its market cap fell nearly 20% to $482.3 million, down from $602 million last Wednesday.
Penguins Surpass Apes
Despite also losing value, Pudgy Penguins overtook BAYC to become the second-largest NFT collection by market cap. The project’s valuation dropped 17% from $591 million to $491 million, but the climb in rankings highlights its resilience compared to rivals.
Adding to momentum, blockchain company BTCS Inc. announced last week that it added three Pudgy Penguins NFTs to its corporate digital asset treasury. The move underscores growing corporate recognition of blue-chip NFT collections as legitimate assets for diversification.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.