The global non-fungible token (NFT) market has seen its total capitalization nearly halve over the past month, with even blue-chip collections like Bored Ape Yacht Club (BAYC) and CryptoPunks losing substantial ground.
According to CoinGecko, the NFT market cap fell from roughly $6.6 billion on Oct. 5 to $3.5 billion on Nov. 5 a 45% decline in just 30 days. This came despite a rise in NFT trading activity, as data from CryptoSlam showed a 13% month-over-month increase in sales to $631 million in October.
Bitcoin and Base NFTs were the only major segments to record growth, up 9% and 24%, respectively, while Ethereum-based NFTs, which dominate total sales volume, saw a 25.5% decline. Networks like BNB Chain and Polygon were hit hardest, plunging 82% and 86%, respectively.
Blue-chip volatility exposes fragile NFT valuations
Even the most established NFT collections were not spared in the downturn.
- CryptoPunks saw its floor price tumble from $214,000 to $117,000 — a 45% slide — alongside a 40% drop in trading volume.
- Moonbirds fell even harder, with its floor price collapsing from $14,700 to $6,500, and volumes down 63%.
- Despite higher volumes, BAYC and Pudgy Penguins both suffered steep valuation losses. BAYC’s floor dropped from $36,700 to $19,500, while Pudgy Penguins slid from $43,000 to $18,340.
Analysts say this disconnect between rising trading volumes and falling prices reflects speculative liquidity and broader risk aversion in the crypto market.
Major players shift strategies amid market reset
As valuations slide, NFT industry leaders are diversifying. OpenSea, the largest NFT marketplace with over 522,000 active traders in the past month, announced plans to evolve into a universal onchain trading hub though it denied pivoting away from NFTs.
Meanwhile, Animoca Brands confirmed plans to list on Nasdaq, signaling growing traditional investor interest in Web3 gaming and metaverse ventures even as secondary NFT markets weaken.