Blue chip NFTs sink double digits as ETH retreats from record highs

3 hours ago

Pudgy Penguins, BAYC and Doodles led the diminution implicit the past week, portion CryptoPunks held connected with lone a 1.35% drop.

Blue spot NFTs descend treble digits arsenic ETH retreats from grounds highs

Blue-chip non-fungible token (NFT) collections had steep play declines arsenic Ether pulled backmost from all-time highs.

Data from decentralized concern aggregator DefiLlama showed that apical projects saw their level prices descend by treble digits successful the past 7 days. Blue-chip NFT collections similar Pudgy Penguins, Bored Ape Yacht Club (BAYC) and Doodles were among the hardest hit.

Pudgy Penguins, the apical NFT postulation by 24-hour and 7-day volume, saw a 17.3% driblet to a 10.32 Ether (ETH) level price. BAYC shed 14.7% to 9.59 ETH, portion Doodles recorded 1 of the sharpest corrections, dropping 18.9% to 0.73 ETH. Other large collections similar Moonbirds and Lil Pudgys dropped 10.5% and 14.6%, respectively.

The NFT level terms driblet followed a crisp ETH retracement aft hitting caller all-time highs. On Monday, CoinGecko information showed that ETH reached a caller all-time precocious of $4,946. ETH dropped 12% connected Tuesday to $4,342 earlier recovering slightly. At the clip of writing, the crypto plus traded astatine $4,433.

CryptoPunks stay resilient contempt the marketplace crash

While galore collections suffered dense losses, not each NFT projects were successful retreat. CryptoPunks, which remained the apical NFT postulation by marketplace cap, showed comparative resilience, dropping lone 1.35% implicit the week.

Despite the apical collections showing level terms declines, trading volumes remained high. Throughout the week, Pudgy Penguins led the marketplace with astir 2,112 ETH (about $9.36 million) successful trading volume. The postulation was followed by Moonbirds, with 1,979 ETH ($8.77 million).

CryptoPunks followed intimately with 1,879 ETH (about $8.33 million) successful volume, portion BAYC had 809 ETH ($3.59 million).

NFT marketplace capitalization drops to $7.7 billion

While blue-chip NFTs suffered double-digit declines, the broader NFT abstraction besides dropped astir 5% to $7.7 billion, according to information aggregator NFT Price Floor.

On Aug. 13, NFT Price Floor showed that the wide NFT marketplace capitalization peaked astatine $9.3 billion, up 40% from July’s $6.6 billion. The surge was fueled by an summation successful NFT enactment pursuing an ETH surge.

On Aug. 18, the NFT marketplace headdress dropped further to $8.1 billion, wiping retired $1.2 billion from integer collectible valuations.