The NFT market capitalization drops by $1.2 billion 💥

The NFT market lost over $1.2 billion in less than a week. The total valuation of collections fell by 12% to $8.1 billion, coinciding with a slowdown in Ether ($ETH ).

CryptoPunks and Bored Apes suffered significant declines, losing $300 million and $120 million in value, respectively. Meanwhile, Pudgy Penguins made its way to the second spot by market capitalization, surpassing the Apes.