NFTs: The Great Digital Exodus Begins 🚀💰

by

In a world where the digital has become the new frontier, the non-fungible token (NFT) market has faced a grim reality, losing more than $1.2 billion in value in less than a week as Ether’s rally slowed, according to sector data. It seems the gods of cryptocurrency have decided to take a breather, leaving the NFT market to fend for itself. 😂

On Monday, NFT Price Floor data showed that the total valuations of NFT collections plummeted to $8.1 billion, marking a 12% decline from last Wednesday’s market cap of $9.3 billion, which had soared 40% since July. It’s as if the market was on a rollercoaster ride, only to hit a sudden stop. 🎢

The timing couldn’t be worse, as this $1.2 billion wipeout coincides with a 9% drop in Ether (ETH) prices. At the time of writing, CryptoMoon data revealed ETH trading at $4,260, a significant fall from its peak of about $4,700 on Wednesday. It seems even the mighty Ether is not immune to the whims of the market. 😞

Many NFTs are minted on the Ethereum network, and with their valuations and sales denominated in ETH, the crypto asset’s performance often dictates the fate of the NFT sector. As ETH dipped 4% in the last 24 hours, a majority of the top 10 collections also experienced a decline in value. It’s a domino effect, but with fewer clinks and more digital sighs. 🪷

NFT market cap drops by over 12% as ETH declines

Even the once-mighty CryptoPunks, the crown jewel of the NFT world, saw about $300 million erased from its collection’s value. At the time of writing, the data shows it’s worth $2.1 billion, a 12% decline from its $2.4 billion market cap on Wednesday. It’s a stark reminder that even the most revered digital collectibles are not invincible. 🕊️

CryptoSlam data reveals that the collection’s sales volume reached $12.7 million, a 34% drop in the last seven days. Total sales also dwindled to just 51, down 28% in the past week. It seems the thrill of the chase has waned, and collectors are taking a step back to reassess their investments. 🧐

The Bored Ape Yacht Club (BAYC), which held the second spot in overall NFT market capitalization last Wednesday, has now slipped to third place. The collection’s value has fallen to $482.3 million, representing a nearly 20% drop from Wednesday’s $602 million. It’s a bitter pill to swallow for those who thought the apes were invincible. 🦍

Penguins overtake Apes in market capitalization

Meanwhile, the Pudgy Penguins have managed to climb to the second-highest valuation, despite erasing around $100 million in overall value. On Monday, the collection’s market cap reached $491 million, a 17% decline from Wednesday’s $591 million. It’s a testament to the resilience of the penguin community, who seem to be weathering the storm better than their ape counterparts. 🐧

Last week, publicly-traded blockchain company BTCS Inc. announced that it had added three Pudgy Penguins NFTs to its corporate digital asset treasury. This move signals that companies are beginning to recognize blue-chip NFT collections as legitimate assets for treasury diversification. It’s a small victory in a market that’s seen better days. 🏆

Read More

2025-08-18 12:05