According to industry data, with the slowdown in Ethereum's rise, the non-fungible token (NFT) market has lost over $1.2 billion in less than a week.
Data on Monday showed that the total valuation of NFTs fell to $8.1 billion, a 12% decrease from the $9.3 billion market cap on Wednesday.
This market value loss coincided with a 9% drop in Ethereum (ETH) prices. At the time of writing, ETH was trading at $4,260, down from a peak of $4,700 on Wednesday.
Many NFTs are minted on the Ethereum network, and fluctuations in ETH prices often affect the market value of NFTs. In the last 24 hours, ETH fell by 4%, and most of the top ten NFT collections depreciated.
NFT market value drops over 12% as ETH falls
Although CryptoPunks remains the highest valued NFT collection, it has lost approximately $300 million in value, now sitting at $2.1 billion.
CryptoSlam data shows that sales for this series decreased by 34% in the past week, with total sales at only 51 pieces, down 28%.
Bored Ape Yacht Club (BAYC) dropped from second to third in overall market value, with a market cap of $482.3 million, down nearly 20% since Wednesday.
Penguins surpass Apes in market value
Meanwhile, despite a total value decrease of about $100 million, Pudgy Penguins jumped to second in market value. On Monday, this collection was valued at $491 million, down 17% from Wednesday.
Last week, publicly listed blockchain company BTCS Inc. announced that it will add three Pudgy Penguins NFTs to its corporate digital asset portfolio, indicating the company is beginning to recognize blue-chip NFT collections as a legitimate option for asset diversification.
