Blue‑Chip NFT Floor Prices Crash as Ethereum Retraces from ATH

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🔑 Key Takeaways

  • Blue-chip NFTs like Pudgy Penguins (–17.3 %), BAYC (–14.7 %) and Doodles (–18.9 %) saw double-digit floor price drops.

  • Overall NFT market cap plunged by $1.2 billion in a week, down to ~$8.1 billion.

  • The downturn aligns with Ethereum’s ~9 % pullback from its all-time high near $4,700.

  • CryptoPunks remained relatively resilient, down just ~1 %.

NFT icons of Pudgy Penguins and BAYC falling with declining Ethereum chart.

🗞 Main Story

Over the past week, blue-chip NFT collections suffered steep floor price declines as Ethereum retraced nearly 9 % from its all-time high of ~$4,946. According to DeFiLlama’s data, Pudgy Penguins dropped 17.3 % to a floor of 10.32 ETH, BAYC fell 14.7 % to 9.59 ETH, and Doodles plunged 18.9 % to 0.73 ETH. Overall, NFT market capitalization fell from ~$9.3B to $8.1B, marking a $1.2B contraction amidst investor caution.

NFT valuations are heavily tied to Ethereum—most NFT pricing and trading is denominated in ETH. Consequently, Ethereum’s pullback exerts direct pressure on NFT floors, especially for speculative collections. However, CryptoPunks bucked the trend, declining only 1.35%, reflecting investor faith in its cultural significance and brand strength.

CryptoPunk remains upright while other NFT floor price tags fall.

🔬 Expert Opinions

  • Cointelegraph analysts: “Pudgy Penguins led weekly trading with 2,112 ETH (~$9.36M), followed by Moonbirds and CryptoPunks.”

  • Market observers highlight that NFT valuations mirror ETH performance, as most NFTs are minted and traded on Ethereum, making them highly sensitive to ETH swings and gas fees.

🌟 Implications

The sharp drop underscores the fragile coupling between NFT markets and Ethereum’s volatility. Blue-chip collections showed vulnerability, but CryptoPunks’ resilience highlights how brand equity and historical legacy provide relative safety even in downturns.

🛬 Sources

  • Cointelegraph – “Blue-Chip NFTs Plummet as ETH Retreats; CryptoPunks Show Resilience”

  • Cointelegraph – “NFT Market Cap Drops $1.2B Following ETH Decline”

  • Coinpaper – “NFT Sector Loses $1.3B in a Week as Ethereum Crash Takes Its Toll”

ETH symbol dragging down NFT coins, market cap dropping.

📝 Editorial Opinion

A Correction or Market Maturation?

NFTs’ sharp correction is not merely a collapse—it’s a stress test of their dependence on Ethereum. ETH’s retracement forced a $1.2B market cap loss, but also revealed which projects command real staying power.

CryptoPunks’ resilience demonstrates that legacy status and cultural narrative can anchor value, unlike hype-driven collections that suffer double-digit losses. This signals market maturation: capital now gravitates toward assets with proven utility, brand, or historical relevance.

Short term, volatility will persist, particularly if ETH continues to struggle. But longer term, utility-driven NFTs—those tied to gaming, DeFi access, or membership perks—will likely outperform speculative floor plays.

This reset may mark the beginning of a healthier market cycle: weaker assets are flushed, while genuine “blue chips” prove their strength. NFTs may be entering a phase where quality, not speculation, defines value.

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