The NFT market is feeling the pain. It lost over $1.2 billion in value in less than a week. Yes, you heard that right. The total valuation of NFT collections dropped to $8.1 billion on Monday, marking a 12% dip from Wednesday’s $9.3 billion, just a week ago, that number had surged by 40% since July.
What caused this sudden tumble? You guessed it, Ether’s rally slowed down. Ether prices dropped by 9%, falling from around $4,700 last Wednesday to about $4,260. Since most NFTs are minted on the Ethereum network, this caused a ripple effect, and the values of many top collections followed suit.
CryptoPunks Take a Hit, But Still Rule the Market
Let’s start with the big dog, CryptoPunks. Even though they’re still leading the pack in market cap, they took a hard hit, losing about $300 million in value. CryptoPunks' market cap dropped 12% from $2.4 billion to $2.1 billion, with sales falling 34% over the past week. I guess even the punk-est of punks have their off days.
Bored Apes Slide Down the NFT Ladder
Then there’s the Bored Ape Yacht Club (BAYC), which, last Wednesday, was holding strong in second place in NFT market cap. Fast forward to Monday, and they've slipped to third place, with their value tanking by almost 20% to $483.1 million. To add insult to injury, their total sales volume dropped by 28% over the past week.
Penguins Make a Move
But hey, it’s not all doom and gloom. While the Apes were sliding down, Pudgy Penguins decided to show up and show out, climbing to second place in market cap. Despite erasing about $100 million in value, Pudgy Penguins’ market cap still hit $487 million on Monday, just behind CryptoPunks. Oh, and in case you missed it, last week, BTCS Inc. added three Pudgy Penguins NFTs to its digital asset treasury. Yup, companies are now taking NFTs seriously.
BTCS has joined the Pudgy Party!
— BTCS Inc. (Nasdaq: BTCS) (@NasdaqBTCS) August 11, 2025
We're now the proud owner of three @pudgypenguins.
Who is your favorite? 👇 pic.twitter.com/6rSSl5bdMJ
In my opinion, this drop isn’t the end of the NFT market. Yes, it’s a bit of a hit, but if history has taught us anything, the market can bounce back. Ether’s price will probably stabilize, and once it does, NFTs might get back to their moonshot ways. Still, it’s clear that NFT collections are a bit more fragile than some might like to admit.
Gunel Ismayilova
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