The NFT market experienced a significant decline in value, shedding over $1.2 billion within a week due to the slowdown of Ether prices. Data from NFT Price Floor reveals that total valuations for major collections dropped to $8.1 billion on Monday, down 12% from last Wednesday’s $9.3 billion. This drop follows a period of strong growth for the NFT market since July, which saw a surge of 40%. This decline coincided with Ether (ETH), the cryptocurrency powering most NFTs, experiencing a pullback and dropping 9% from its recent high of approximately $4,700 to $4,260 by Monday. 8 The shift in ETH prices directly impacted NFT valuations across various collections.