The NFT market is showing early signs of rebounding after a significant sell-off that wiped out approximately $1.2 billion in market capitalization during Friday’s crypto crash.
According to CoinGecko data, the overall value of the NFT sector decreased from $6.2 billion on Friday to $5 billion on Saturday, representing a nearly 20% drop. Fortunately, by Sunday, NFT values had risen to $5.5 billion, showcasing a 10% recovery. At the time of this report, the overall market cap stands at about $5.4 billion.
This significant sell-off underscores the NFT segment’s sensitivity to broader market fluctuations. As crypto markets faced a steep decline, NFT floor prices suffered as liquidity plummeted and speculative interest waned.
Total NFT market capitalization chart. Source: CoinGecko
Disparate Performance in Leading NFT Collections
Despite a partial recovery, many popular NFT collections continue to show negative trends over both the seven and thirty-day periods. Ethereum-based projects, including the Bored Ape Yacht Club (BAYC) and Pudgy Penguins, are down 10.2% and 21.4%, respectively, over the past week. Other collections such as Infinex Patrons and Fidenza by Tyler Hobbs have also recorded significant losses on the monthly charts.
CryptoPunks, the market leader in NFT valuation, is currently down 8% for the week and nearly 5% over the past month.
While most of the top ten NFTs have seen their values decrease, a few collections demonstrated slight recoveries within the last 24 hours, including Hypurr NFTs from Hyperliquid, which gained 2.8%, and the Mutant Ape Yacht Club (MAYC), which grew by 1.5%. This modest rebound suggests that, despite the preceding crash, buyers may be cautiously returning to the marketplace.
Seven-day NFT collection heatmap. Source: CoinGecko
After the turbulence, crypto investment products are drawing billions in inflows. Data from CoinShares indicates that, despite the flash crash, crypto exchange-traded products (ETPs) recorded $3.17 billion in inflows last week, underscoring their resilience against market panic.
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