The blue-chip non-fungible token (NFT) series saw a significant drop this week as Ethereum (ETH) retreated from its historical high.
According to data from the decentralized finance aggregation platform DefiLlama, top projects experienced double-digit declines in their floor prices over the past seven days. The declines were particularly pronounced for blue-chip NFT series such as Bored Ape Yacht Club (BAYC) and Doodles.
Pudgy Penguins, as the NFT series with the highest trading volume in the past 24 hours and 7 days, saw its floor price drop by 17.3%, falling to 10.32 ETH. BAYC decreased by 14.7% to 9.59 ETH, while Doodles experienced the largest drop of 18.9%, down to 0.73 ETH. Other major series like Moonbirds and Lil Pudgys fell by 10.5% and 14.6%, respectively.
The decline in NFT floor prices closely followed a significant correction after ETH reached a historical high. On Monday, CoinGecko reported that ETH hit a record high of $4,946. On Tuesday, ETH dropped by 12% to $4,342, followed by a slight rebound. As of the time of writing, the cryptocurrency asset was priced at $4,433.
Despite the sharp declines faced by most series, not all NFT projects experienced a pullback. The top-ranked NFT series, CryptoPunks, showed relative resilience, with a weekly decline of only 1.35%.
Although the floor prices of top series have fallen, trading volumes remain high. Over the past week, Pudgy Penguins led the market with a trading volume of approximately 2,112 ETH (about $9.36 million). Moonbirds followed closely with a trading volume of 1,979 ETH ($8.77 million).
CryptoPunks came next with a trading volume of 1,879 ETH (about $8.33 million), while BAYC had a trading volume of 809 ETH ($3.59 million).
As blue-chip NFTs faced double-digit declines, the overall NFT market also dropped nearly 5%, falling to $7.7 billion, according to data aggregation platform NFT Price Floor.
On August 13, NFT Price Floor reported that the overall market cap of NFTs reached a peak of $9.3 billion, a 40% increase from $6.6 billion in July. This surge was primarily driven by increased NFT activity fueled by the rise in ETH.
On August 18, the NFT market cap further declined to $8.1 billion, with digital collectible valuations evaporating by $1.2 billion.
Related: Even as BTC drops, demand for Bitcoin futures continues to rise: What’s behind it?
Original article: “Ethereum (ETH) Retreats from Historical High, Blue-Chip NFTs Plummet”
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