Blue-chip NFT collections faced steep declines this week as Ethereum (ETH) pulled back from its all-time high, sending shockwaves across the digital collectibles market.
NFT floor prices sink double digits
Data from DeFi aggregator DefiLlama revealed that top blue-chip NFTs suffered double-digit losses in the past seven days. Pudgy Penguins, Bored Ape Yacht Club (BAYC), and Doodles were hit the hardest.
- Pudgy Penguins floor price dropped 17.3% to 10.32 ETH ($4,425).
- BAYC fell 14.7% to 9.59 ETH.
- Doodles recorded one of the sharpest corrections, plunging 18.9% to 0.73 ETH.
- Moonbirds and Lil Pudgys also saw declines of 10.5% and 14.6%, respectively.
The sell-off came as Ethereum retraced after touching a new all-time high. According to CoinGecko, ETH hit $4,946 on Monday before sliding 12% to $4,342. It later recovered slightly and traded at $4,433 at press time.
CryptoPunks show resilience
While most blue-chip NFTs tumbled, CryptoPunks stood out with relative strength. The iconic collection, still the top NFT project by market cap, saw its floor price dip only 1.35% during the week.
Despite widespread price declines, trading activity remained strong. Pudgy Penguins dominated the market with 2,112 ETH (about $9.36 million) in weekly volume. Moonbirds followed with 1,979 ETH ($8.77 million), while CryptoPunks logged 1,879 ETH ($8.33 million). BAYC trailed at 809 ETH ($3.59 million).
NFT market cap slips below $8 billion
The broader NFT market also lost ground. According to NFT Price Floor, total NFT market capitalization fell nearly 5% to $7.7 billion.
Earlier this month, NFT market cap peaked at $9.3 billion on August 13, up 40% from July’s $6.6 billion, fueled by Ethereum’s rally. But by August 18, valuations dropped to $8.1 billion, wiping out $1.2 billion in just days.
What’s next for NFTs?
The sharp correction highlights how closely NFT prices track Ethereum’s volatility. While trading volumes remain high, the ongoing pressure on ETH could determine whether blue-chip NFTs stabilize or face further declines.
