NFT Market Sees Divergence as CryptoPunks and Pudgy Penguins Demand Cools

Non-fungible token sales fell 10% last week to $155 million despite increased buyer participation, with blue-chip collections CryptoPunks and Pudgy Penguins leading the decline. The two flagship NFT projects saw sales plummet 42% and 43% respectively, reflecting shifting collector preferences in a cooling crypto market.

CryptoPunks' $20.2 million weekly sales marked a sharp reversal from its recent surge, though the collection maintains its position as the third-highest grossing NFT project historically with $3.16 billion in lifetime sales. The PENGU token's 32% drop from yearly highs mirrored Pudgy Penguins' NFT performance, suggesting interconnected pressures across fungible and non-fungible markets.

Market dynamics revealed pockets of resilience, with Bored APE Yacht Club sales climbing 10% to $6.26 million and Courtyard NFTs posting a 35% gain to $11.27 million. These divergent performances highlight the NFT market's maturation, where collection-specific fundamentals increasingly drive valuation beyond broader crypto sentiment.