NFT Market Cap Takes Hit as Ethereum Prices Fall

The NFT market cap took a significant hit this week, losing over $1.2 billion in value. The decline, equivalent to a 12% drop, brings the total market capitalization down to $8.1 billion. This follows a notable drop of more than 9% in Ethereum prices, which fell from $4,700 to around $4,260. As Ethereum’s price weakened, many NFT projects saw their valuations affected directly. Top collections such as Crypto Punks and Bored Apes also experienced value drops.