NFT Market Loses $1.2B as Ethereum Rally Fades

The NFT market capitalization has fallen 12% to $8.1 billion, down from $9.3 billion just one week earlier, as Ethereum’s price slipped 9% following its rally.

The NFT market capitalization has fallen 12% to $8.1 billion, down from $9.3 billion just one week earlier, as Ethereum’s price slipped 9% following its rally. The sector lost more than $1.2 billion in value in seven days.

CryptoPunks retained its top spot but saw $300 million in value erased, dropping to a $2.1 billion market cap as sales volume fell 34% to $12.7 million across just 51 transactions. Bored Ape Yacht Club slipped nearly 20% to $482.3 million, while Pudgy Penguins rose to second place despite losing $100 million in market value.

BTCS Inc. recently added three Pudgy Penguins NFTs to its treasury, signaling growing recognition of blue-chip NFTs as legitimate balance sheet assets.

The close correlation between Ethereum’s price and NFT valuations remains intact, with most collections minted on Ethereum and denominated in ETH.

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