NFT sales drop 10% as CryptoPunks and Pudgy Penguins decline 42% and 43% amid crypto market downturn

NFT sales saw a notable decline last week, as demand for high-profile collections like CryptoPunks and Pudgy Penguins weakened amid a broader downturn in the crypto market. Data from CryptoSlam reveals that total NFT sales dropped by 10% over the past seven days, reaching $155 million. This decline occurred despite a 20% increase in the number of NFT buyers, sellers, and transactions, indicating a weakening in the average sale price or volume per transaction [1].

CryptoPunks, one of the most iconic NFT collections, experienced a sharp 42% drop in sales to $20.2 million. The decline marked a significant slowdown after a 450% surge in sales over the past month. Despite the recent dip, the collection has generated cumulative sales of over $3.16 billion, maintaining its position as the third-highest selling NFT collection of all time, behind Axie Infinity and Bored Ape Yacht Club [1].

Similarly, Pudgy Penguins saw a 43% decline in sales to $4.6 million, coinciding with a broader bearish trend in the PENGU token, which had dropped 32% from its peak. This decline highlights the interdependence between NFT sales and the performance of associated tokens [1].

Not all collections followed the downward trend. Courtyard NFTs saw a 35% increase in sales to $11.27 million, while Bored Ape Yacht Club sales rose by 10% to $6.26 million. DMarket also reported a 77% surge in sales to $4.84 million, with other collections like Guild of Guardian Heroes, SpinNFTBox, and Sorare contributing to the week's mixed performance [1].

Ethereum-based NFTs continued to outperform other blockchains, with sales rising by 68% to $296 million. Bitcoin and Solana-based NFTs also saw gains, with sales increasing by 42% and 10% to $77 million and $10 million, respectively. In contrast, Polygon-based NFTs underperformed, with sales declining by 59%, largely due to a 25% drop in Courtyard NFT sales [1].

The fluctuation in NFT sales is closely tied to the broader performance of the crypto market. Historically, NFT activity tends to surge during bullish phases of major cryptocurrencies. For instance, in July, Bitcoin’s record highs drove most altcoins upward, which in turn fueled a surge in NFT sales. Analysts suggest that the current bearish sentiment in the crypto market is likely to continue affecting NFT sales in the near term [1].

Source: [1] NFT sales dip as CryptoPunks, Pudgy Penguins demand wanes (https://crypto.news/nft-sales-dip-cryptopunks-pudgy-penguins-demand-wanes/)