NFT sales dip 8.5% to $129.6M as Pudgy Penguins surge 63%
NFT sales fell 8.5% last week to $129.6 million amid broader crypto market weakness. Total transaction counts rose 12% to 1.81 million. Buyer participation climbed 18% to 541,831, while sellers reached 385,179.
Ethereum led in NFT sales with $54.5 million, down 8.2%, as wash trading jumped 42.7% to $20.1 million. Polygon NFTs jumped 16.1% to $18.9 million. BNB Chain and Bitcoin-based NFTs saw declines of 34.8% and 30.3%, respectively. Solana and Immutable also recorded lower volumes.
Top collections included Courtyard on Polygon ($17.6M), CryptoPunks ($7.1M), and Pudgy Penguins, which soared 63.4% to $5.2M. High-value CryptoPunks trades reached up to 96 ETH. The NFT sales slump aligns with Bitcoin’s drop to $108K and Ethereum’s slide to $4.3K, pulling the global crypto market cap down to $3.75 trillion.
Bearish
The 8.5% decline in NFT sales volume indicates a contraction in market liquidity and weaker demand for digital collectibles. Historically, significant volume drops in NFT markets coincide with broader crypto downturns—such as the Q4 2021 pullback—triggering price corrections and wider bid-ask spreads. Short term, traders may encounter lower trading activity and more volatile price swings, reinforcing a bearish sentiment.
However, the rise in buyer (up 18%) and seller (up 17%) counts suggests sustained engagement, which could cushion the market against deeper declines. The standout 63% surge in Pudgy Penguins demonstrates that blue-chip and hyped collections can still attract capital. Over the long term, continued innovation and curated drops may reignite growth in NFT sales. Yet, given the current volume slump tied to Bitcoin’s slide to $108K and Ethereum’s drop to $4.3K, a cautious, bearish outlook is warranted for near-term trading strategies.