Blue-Chip NFTs Plunge as Ethereum Recedes

The premium segment of the non-fungible token (NFT) market has witnessed a notable downturn over the past week, with several prominent blue-chip collections experiencing significant price adjustments. This market correction coincides with Ethereum (ETH) retreating from its recent record highs, suggesting a broader interconnectedness within the digital asset ecosystem.

Collections such as Pudgy Penguins, the Bored Ape Yacht Club (BAYC), and Doodles were at the forefront of this decline, all registering double-digit percentage drops in their floor prices. This substantial depreciation in value for these established projects indicates a shift in investor sentiment and a potential cooling period after a sustained run-up. The pronounced losses across these high-profile assets highlight the volatility inherent even in the top-tier NFT market.

In contrast to the widespread decline, CryptoPunks demonstrated remarkable resilience. The pioneering NFT collection recorded only a modest 1.35% decrease in value, significantly outperforming its peers during the same period. This relative stability underscores its unique market position, often regarded as a foundational digital artifact within the NFT space, potentially attracting long-term holders less reactive to short-term market fluctuations. The performance disparity suggests a growing differentiation in how the market values various blue-chip projects.