Non-fungible tokens (NFTs) have shown strong performance compared to fungible tokens over the past week, with the top 10 collections experiencing an average gain of 6.4%, according to NFT Price Floor.
In contrast, fungible tokens saw an average decline of 8.6%, with only native tokens from centralized exchanges showing positive returns.
Varied Performance in NFTs
Among the top performers, Space Doodles saw a significant increase of 44.7% in their dollar-nominated price.
Other notable gainers include the secondary collection of Pudgy Penguins, Lil Pudgys, which rose by 35.1%, followed closely by Doodles from Space Doodles with a 34.8% weekly growth.
Azuki and Pudgy Penguins also saw positive movements, increasing by 14.2% and 14% respectively. However, popular collections like Bored Ape Yacht Club (BAYC) and CryptoPunks had a negative impact on the overall returns of the top 10 collections.
Bored Ape NFTs dropped by almost 19%, while CryptoPunks and Mutant Ape Yacht Club from BAYC fell by 9.35% and 15.77% respectively during the same period.
Despite the positive average performance, the NFT market remains subdued on the three largest blockchains by trading volume.
Data from CryptoSlam indicates that weekly NFT sales on Ethereum (ETH) exceeded $129 million but saw a 28.5% decrease. NFT trading on Bitcoin (BTC) reached $29.3 million, with a 46% weekly decline.
Solana (SOL) ranked third in NFT activity among blockchains, with $24.3 million in volume and a 38.5% weekly decrease.
Decline from Previous Highs
Despite recent gains, the floor prices of top NFT collections are still below their peak levels. For example, CryptoPunks reached nearly 114 ETH on Oct. 8, 2021, but currently sit at 39.89 ETH, marking a 65% decline.
Similarly, Bored Ape NFTs hit their peak at 128 ETH on Apr. 22, 2022, but have since dropped by 87% to 17 ETH.
Mutant Ape Yacht Club items have seen the largest correction among the top 10 NFT collections, with their current price of 3.12 ETH representing a 91% decrease from their peak of 35.58 ETH on Apr. 27, 2022.
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