NFT market cap slid 12% to $8.1B as Ether dipped; CryptoPunks, BAYC fell while Pudgy Penguins rose to claim the No. 2 spot.
Sector data shows that as Ether’s ascent stalled, the non-fungible token (NFT) market lost over $1.2 billion in value in less than a week.
The overall valuation of NFT collections fell to $8.1 billion on Monday, according to NFT Price Floor statistics.
This represents a 12% decrease from the NFT market cap of $9.3 billion on Wednesday, which had increased by 40% since July.
Ether prices fell 9% while NFTs lost $1.2 billion in valuation in less than a week.
According to Cointelegraph data, ETH was trading at $4,260 at the time of writing, down from a peak of roughly $4,700 on Wednesday.
The Ethereum network is used to mint many NFTs.
Bullish or bearish momentum in the cryptocurrency asset frequently translates into higher or decreased value in the NFT industry, since valuations and sales are in ETH.
Most of the top 10 collections saw value reductions in tandem with ETH’s 4% 24-hour decline.
As ETH Lowers, NFT Market Cap Falls By Over 12%
Despite still holding the top spot in terms of market capitalization, CryptoPunks lost almost $300 million in value.
Data indicated it was worth $2.1 billion at the time of writing, 12% less than its market value of $2.4 billion on Wednesday.
The collection’s sales volume hit $12.7 million, a 34% decrease over the previous seven days, according to CryptoSlam data. Only 51 were sold overall, a 28% decrease from the last week.
As the collection fell to $482.3 million on Monday, the Bored Ape Yacht Club (BAYC), in second place in the entire NFT market capitalization on Wednesday, fell to third place.
This was a nearly 20% decrease from the $602 million on Wednesday.
In Terms Of Market Capitalization, Penguins Surpass Apes
Despite losing around $100 million in total value, Pudgy Penguins rose to the second-highest valuation.
The collection’s market value was $491 million on Monday, a 17% decrease from $591 million on Wednesday.
BTCS Inc., a publicly traded blockchain startup, revealed last week that it had expanded its corporate digital asset treasury to include three Pudgy Penguins NFTs.
This demonstrated that businesses acknowledge blue-chip NFT collections as valid assets for diversifying their treasuries.