The non-fungible token (NFT) market is experiencing a downturn, with top collections witnessing significant declines in the past week. This follows President Donald Trump’s renewed trade wars against China, impacting crypto and riskier assets like tech stocks and memecoins. Data from DefilLama shows that many blue-chip NFTs have dropped by double digits in recent days. Popular NFT projects such as Pudgy Penguins, Azuki, Doodles, and Lil Pudgy have been particularly hard hit. Despite the general market downturn, certain collections have shown resilience. CryptoPunks and Good Vibes Club NFTs remain relatively strong. Trading volume for Ethereum-based NFTs remains high, with Pudgy Penguins and Bored Ape Yacht Club leading in recent trading activity. The renewed trade wars triggered a flash crash across various crypto assets, including Bitcoin, memecoins, and even NFTs. This resulted in record-breaking liquidations of $19 billion, primarily affecting those holding leveraged positions, while long-term holders held on to their assets despite the volatility.