NFT Market Drops $1.2B as Ethereum Falls
The NFT market lost over 12% of its value in less than a week, dropping from $9.3B to $8.1B, as Ethereum (ETH) prices pulled back from recent highs.
Why It Happened
Most NFTs are built on Ethereum, so when ETH fell 9% (from $4,700 to $4,259), NFT values also dropped.
In the last 24 hours alone, ETH fell another 4%, adding more pressure on NFT prices.
Top Collections Hit
CryptoPunks stayed the #1 collection but lost $300M, falling to $2.1B market cap. Sales volume dropped 34%.
Bored Ape Yacht Club (BAYC) fell almost 20%, from $602M → $482M.
Pudgy Penguins surprisingly$ took the #2 spot, even though their value also fell ($591M → $491M).
Institutional Spotlight
BTCS Inc., a public blockchain company, bought 3 Pudgy Penguins NFTs for its corporate treasury.
This shows big players are starting to see NFTs as serious assets, not just collectibles.
Outlook
NFT prices may recover if Ethereum turns bullish again. Meanwhile, collections like Pudgy Penguins show that new leaders are emerging beyond CryptoPunks and Bored Apes.
