Decline in Blue Chip NFT Collection

The NFT market has taken a hit, with top blue-chip collections experiencing significant declines. According to DefiLlama, leading projects saw their floor prices drop by double digits over the past week. Here are some of the most affected collections:

- Pudgy Penguins: Down 17.3% to a floor price of 10.32 ETH

- Bored Ape Yacht Club (BAYC): Decreased by 14.7% to 9.59 ETH

- Doodles: Faced an 18.9% drop to 0.73 ETH

- Moonbirds: Saw a decline of 10.5%

- Lil Pudgys: Experienced a 14.6% drop

This downturn follows a sharp Ether retracement after reaching a peak of $4,946. Despite the losses, trading volumes remain robust, with Pudgy Penguins leading at approximately 2,112 ETH ($9.36 million). The NFT market capitalization has fallen to $8.1 billion, down from a peak of $9.3 billion earlier in August.

This downturn coincided with a 9% drop in ETH, which slipped from $4,700 to $4,259 over the same period. Top collections like Pudgy Penguins, Bored Ape Yacht Club (BAYC), and Doodles experienced significant declines in floor prices, with Pudgy Penguins falling 17.3% to a floor price of 10.32 ETH 

The NFT market has taken a hit, with top collections like Pudgy Penguins, Bored Ape Yacht Club (BAYC), and Doodles experiencing significant price drops.

According to NFT Price Floor, the total NFT market capitalization fell from $9.3 billion to $8.1 billion [1]. This decline coincided with a drop in ETH prices.

Here are some key stats:

- Pudgy Penguins floor price dropped 17.3% to 10.32 ETH [1]
- BAYC floor price decreased by 14.7% to 9.59 ETH [1]
- Doodles floor price fell 18.9% to 0.73 ETH [1]