The non-fungible token (NFT) market has experienced a significant drop in prices on leading collections, coinciding with corrections in the Ethereum market.
Overall NFT Market Data
According to CoinGecko data, the total NFT market cap currently stands at $6.46 billion, down from $8 billion recorded on August 18, representing a 4.71% decline over the last 24 hours. The daily NFT sales volume reached $19.8 million.
Price Declines in Leading Collections
The flagship NFT collection, Bored Ape Yacht Club (BAYC), saw its floor price drop by 8.30% in the past day to 9.5 ETH. Another notable collection, CryptoPunks, registered a 2.61% decline in the last 24 hours, and 1.39% over the week. The Moonbirds collection saw a 7.86% decline for the day, while the Mutant Ape Yacht Club (MAYC) dropped 16.57% over the week.
Market Trends and Predictions
Despite the decline in many major collections, some projects like Lil Pudgys and Azuki have shown positive momentum. Memeland Captainz, on the other hand, dropped 15.66% in the last day, indicating struggles among lesser-known collections. Overall, the current state of the NFT market demands close attention to trends and potential risks moving forward.
The situation in the NFT market remains complex with ongoing fluctuations in prices and sales volumes. Analyzing current trends and the factors affecting the market will be crucial for participants in the coming weeks.
