Non-fungible tokens (NFTs) have outperformed their fungible counterparts in the past week, with the top 10 collections seeing an average gain of 6.4%, according to NFT Price Floor. Meanwhile, the fungible token sector experienced an average loss of 8.6%, with only native tokens from centralized exchanges posting positive returns.
The Space Doodles collection saw the most significant upside with a 44.7% increase in their dollar-nominated price. Pudgy Penguins’ secondary collection, Lil Pudgys, followed closely behind with a 35.1% increase. Other collections such as Azuki and Pudgy Penguins also saw positive movements, with increases of 14.2% and 14%, respectively. However, popular collections like Bored Ape Yacht Club and CryptoPunks weighed down the overall average returns with significant losses.
Despite the positive performance of the top NFT collections, their floor prices are still far from their peak levels. CryptoPunks, for example, peaked at nearly 114 ETH in October 2021 but currently has a floor price of 39.89 ETH, representing a 65% decrease. Bored Ape NFTs and Mutant Ape Yacht Club items also experienced significant declines from their all-time highs, with decreases of 87% and 91%, respectively.
Data from CryptoSlam shows that weekly NFT sales on Ethereum exceeded $129 million but are down 28.5% compared to the previous week. NFT trading on Bitcoin totaled $29.3 million, with a 46% decrease. Solana wrapped up the top three blockchains for NFT activity, with $24.3 million in volume and a negative 38.5% weekly change.
In conclusion, while NFT collections have shown significant gains in the past week, the market is still facing challenges with lower trading volumes and declining floor prices. Popular collections like Bored Ape Yacht Club and CryptoPunks have contributed to the overall negative performance of the sector. Investors should remain cautious and closely monitor market trends to make informed decisions when trading NFTs.
