According to industry data, the non-fungible token (NFT) market has shrunk by over $1.2 billion in less than a week, due to a slowdown in the rise of Ether.
On Monday, NFT Price Floor data showed that the total valuation of NFT series dropped to $8.1 billion, a 12% decrease from last Wednesday's $9.3 billion NFT market cap, which had previously risen by 40% since July.
The NFT market cap shrank by $1.2 billion in less than a week, coinciding with a 9% drop in the price of Ether (ETH). As of the time of writing, Cointelegraph data shows the ETH price at $4,260, down from a high of about $4,700 on Wednesday.
Many NFTs are issued on the Ethereum network. Since valuations and sales are priced in ETH, the volatility of the crypto asset often directly impacts the value of the NFT space. In the past 24 hours, ETH has dropped by 4%, and the market cap of most of the top ten series has similarly declined.
Although CryptoPunks remains the largest series by market cap, it has shrunk by about $300 million.
As of writing, data shows its market cap at $2.1 billion, down 12% from $2.4 billion on Wednesday.
According to CryptoSlam, the series recorded sales of $12.7 million, a 34% drop in the past week. Total sales were only 51, a decrease of 28% from the previous week.
The Bored Ape Yacht Club (BAYC) ranked second in NFT market cap last Wednesday, but on Monday its market cap fell to $482.3 million, placing it third.
This figure is nearly a 20% drop from $602 million on Wednesday.
Meanwhile, despite the overall market cap of Pudgy Penguins shrinking by about $100 million, it has risen to the second-largest market cap.
On Monday, the series' market cap reached $491 million, down 17% from $591 million on Wednesday.
Last week, blockchain-listed company BTCS Inc. announced that it had incorporated three Pudgy Penguins NFTs into the company's digital asset reserves.
This indicates that businesses have begun to view leading NFT series as a compliant asset diversification option.
Related: Jeju City in South Korea to seize cryptocurrency assets of suspected tax evaders
Original article: “As Ethereum (ETH) Gains Slow, NFT Market Cap Drops $1.2B”
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