The Blue Chip Non-Fan Token (NFT) collection fell sharply every week as ether was pulled back from an all-time high.
Data from the distributed finance aggregator defilama showed that the top projects have sunk floor prices by just two digits in the past seven days. Blue chip NFT collections such as Pudgy Penguins, Bored Ape Yacht Club (Bayc) and Doodles were hit hardest.
Pudgy Penguins fell 17.3% to floor prices of 10.32 ether (ETH) in its top NFT collection in volumes of 24 hours and 7 days. Bayc dropped 9.59 ETH from 14.7%, while Doodles recorded one of the sharpest corrections, dropping 0.73 ETH from 18.9%. Other major collections like Moonbirds and Lil Pudgys fell by 10.5% and 14.6% respectively.
The decline in NFT floor prices followed a sharp ETH retracement after hitting a new all-time high. On Monday, Coingecko data showed ETH reached a new all-time high of $4,946. ETH recovered slightly on Tuesday, down 12% to $4,342. At the time of writing, the cryptocurrency was traded for $4,433.
Top NFT collection by trading volume. Source: Defilama
Despite the market crash, crypto plants are resilient
Many collections suffered major losses, but not all NFT projects are backwards. Cryptopunks remained the top NFT collection by market capitalization, showing relative resilience, falling only 1.35% in a week.
Despite the top collection showing a decline in floor prices, trading volumes remained high. Throughout the week, Pudgy Penguins led the market with trading volumes of approximately 2,112 ETH (approximately $9.36 million). This collection was followed by Moonbirds of 1,979 ETH ($8.77 million).
Cryptopunks continued closely with a volume of 1,879 ETH (approximately $8.33 million), with Bayc having 809 ETH ($3.59 million).
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NFT’s market capitalization falls to $7.7 billion
According to the Data Aggregator NFT Price Floor, Blue-chip NFTS received a double-digit decline, but the broader NFT space also fell by almost 5% to $7.7 billion.
On August 13, NFT Price Floor showed that NFT overall market capitalization peaked at $9.3 billion, up 40% from $6.6 billion in July. Surges were promoted by increased NFT activity after ETH surges.
On August 18, NFT’s market capitalization fell further to $8.1 billion, wiping out $1.2 billion from its digitally collectable valuation.
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