Top NFT collections endure double-digit dips as ETH falls from ATH price

The non-fungible token (NFT) market endured a turbulent seven-day tank as leading collections recorded double-digit percentage floor price declines, joining Ethereum’s retreat from the recently achieved $4,957 all-time high, just a day ago.

Data from DeFiLlama and CryptoSlam show significant floor price drops across the top 10 blue-chip projects, along with heavy volatility in blockchain sales rankings.

NFT collection metrics chart. Source: DeFiLlama

According to CoinGecko data, the total NFT market cap now stands at $6.46 billion, down from $8 billion recorded on August 18. The figures show a 4.71% decline in the last 24 hours. Meanwhile, total daily NFT sales volume reached $19.8 million.

The weakness comes as Ethereum, the dominant blockchain for NFTs, reached a record high of $4,957 on August 24, but has since pulled back to trade near $4,400. Market analysts have spotted its support between $3,900 and $4,000, and holding this zone could set the stage for a move toward the $6,000 to $8,000 range. 

However, a breakdown below $3,900 risks exposing the asset to downside movements below $3,500.

Blue-chip NFT collections feel the brunt of market corrections

The objective flagship collection of the NFT market, Bored Ape Yacht Club (BAYC), saw its floor price tumble 8.30% in the past day, leaving it at 9.5 ETH. Over the last week, BAYC has fallen 14.41%.

Another legacy project, CryptoPunks, registered a 2.61% decline in the last 24 hours and a 1.39% slide over the week. Its floor price is still comparatively high at 48.2 ETH. 

Moonbirds, a collection that surged in popularity in early 2022, dropped 7.86% on the day and 9.29% across the week, bringing its floor to 2.93 ETH. Meanwhile BAYC offshoot Mutant Ape Yacht Club (MAYC), shed only 0.39% in the last 24 hours but has fallen 16.57% in seven days, one of the steepest weekly drops among top-tier collections.

Even Pudgy Penguins, one of the few NFT projects that has steadied its community momentum this year with product launches, has not escaped the downturn. The collection’s floor sits at 10.27 ETH, up 2.78% on the last day but down 15.75% in the last seven days.

Smaller projects Lil Pudgys climbed 5.89% daily despite a 12.51% weekly loss, while Azuki gained 5.72% on the day though still posting a 4.18% intraweek decline. Quills Adventure stood out as a rare gainer, soaring 6.01% in 24 hours and an impressive seven day 72.39% uptick, though from a much lower base with a floor at 0.29 ETH.

Other collections such as Memeland Captainz and Otherdeed Expanded fared poorly. Memeland Captainz dropped 15.66% on the last day and 23.91% over the week, among the sharpest losses recorded. Otherdeed Expanded managed a small 3.16% daily uptick but shed over 18.33% since August 19.

Amid plunging floor prices, total NFT sales across blockchains have gone up in the last 24 hours. Data from CryptoSlam shows $12.88 million in sales happened on Ethereum within the time frame, up 48.51%. Including $3.7 million in wash trades, Ethereum’s total NFT activity reached $16.61 million.

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