NFT Market Crashes: Sales Plunge 25% to $134M as CryptoPunks Nosedive 59%

Digital collectibles hit brutal headwinds as the NFT market bleeds value—turns out jpegs don't always go up.

Market Meltdown

The floor dropped out beneath NFT traders this quarter. Sales cratered twenty-five percent to just one hundred thirty-four million dollars while blue-chip collections got hammered hardest. CryptoPunks—the supposed digital Mona Lisas—took a fifty-nine percent haircut that left bagholders staring at grainy pixel art worth less than their mint fees.

Reality Check

Speculators learned the hard way that rarity alone doesn't pay the bills. When the music stops in crypto, even the 'legacy' projects aren't spared. Traditional finance bros are probably chuckling into their spreadsheets—turns out tulip mania had better fundamentals.

Ethereum maintains lead in sales

Ethereum has maintained its leading position with $60.7 million in sales, though declining 41.63% from the previous week. Ethereum’s wash trading has fallen by 55.47% to $13.5 million.

BNB (BNB) Chain has held second place with $20.6 million, rising 10.63%. Polygon (POL) has climbed back to third position with $16.1 million, surging 37.86%.

Mythos Chain remains in fourth with $9.7 million, up 3.17%. solana (SOL) sits in fifth with $7.5 million and dropped 13.63%.

Immutable (IMX) holds sixth place with $7.2 million, down 10.70%. Cardano (ADA) has entered the top seven with $3.1 million, jumping 48.96%.

NFT buyer count jumps

The buyer count has increased across most blockchains, with Cardano leading at 91.41% growth, followed by BNB Chain at 84.48% and Immutable at 72.18%.

Courtyard on Polygon has reclaimed the top spot in collection rankings with $14.7 million in sales, surging 41.01%. The collection has seen growth in buyers (186.96%) and transactions (45.28%).

SpinNFTBox on BNB Chain holds second place with $10.9 million, rising 39.83%. The collection continues to be dominated by a single seller despite having 1,424 buyers.

CryptoPunks has fallen to third place with $8.7 million, plunging 59.28%. The collection has seen decreases across all metrics, including transactions (56.98%), buyers (52.78%), and sellers (30.23%).

Moonbirds sits in fourth with $7.4 million, up 29.94%. DMarket holds fifth place with $4.6 million, rising 8.70%. Guild of Guardians Heroes rounds out the top six with $4.2 million, growing 18.72%.

Notable high-value sales from this week include:

• CryptoPunks #1082 sold for 80 ETH ($350,969)
• CryptoPunks #2596 sold for 72.99 ETH ($315,628)
• CryptoPunks #5477 sold for 66 ETH ($285,187)
• CryptoPunks #3704 sold for 63 ETH ($271,922)
• CryptoPunks #8864 sold for 56.5 ETH ($269,994)