According to CryptoSlam, total NFT sales dropped from $304 M in February to around $175 M in April, while both the number of transactions and active users fell by almost 50%. Meanwhile, the average transaction price increased from $30.60 in March to $67.38 in April, showing that capital is flowing into blue-chip assets instead of being distributed broadly across the market.
Pudgy Penguins are trading above 5 ETH, up 20% over the past week, with 201 transactions and nearly 1,000 ETH in volume. BAYC, over a 30-day period, jumped 81% from its lows, but this growth is driven by only a few large trades.
Around 50% of the total volume still comes from wash trading, while overall participant profitability remains negative. Most holders are still in the red despite the recent rebound.
Part of the price growth is not an NFT-specific trend but rather beta exposure to the broader crypto market. ETH has risen roughly 18% over the past month, BTC has shown similar performance, and blue-chip collections priced in ETH have simply moved upward alongside the market rather than due to a genuine recovery in NFT demand.