Capitalization Decreased by 12%
According to nftpricefloor, the total market value of NFT collections fell from $9.3 billion to $8.1 billion in less than a week. Losses amounted to $1.2 billion or 12%. This happened alongside a decline in the price of Ethereum (ETH), which, according to analysts, dropped 9% over the same period, from $4700 to $4260. Most NFTs are valued and traded in ETH, so fluctuations in its price directly affect the entire sector.
At the time of writing, the asset is trading at $4267.
Market Leaders Collapse
CryptoPunks still holds first place by market capitalization but lost $300 million and is now valued at $2.1 billion instead of $2.4 billion. According to CryptoSlam, the collection’s sales volume over the past seven days fell 34% to $12.7 million. The number of transactions also decreased, dropping from 71 to 51 within a week.
The Bored Ape Yacht Club collection, previously in second place by capitalization, has fallen to third. Its capitalization decreased by almost 20% from $602 million to $482.3 million.
Pudgy Penguins Rise Amid Decline
The Pudgy Penguins collection has climbed to second place by market value, despite losing $100 million in a week. Its capitalization now stands at $491 million, which is 17% less than the $591 million recorded on Wednesday.
Read Also: NFT Market Growth Exceeds $9.3 Billion Amid Ethereum Price Surge
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
