NFT Market Suffers $1.2B Drop as Ether Price Drops

The non-fungible token (NFT) market experienced a significant decline of over $1.2 billion in value within the past week, mirroring the downturn of Ethereum prices. According to NFT Price Floor data, the market capitalization of top NFT collections fell by 12%, dropping from $9.3 billion to $8.1 billion as Ether prices retraced after hitting highs near $4,700. 📈 This correction was driven largely by a drop in sales activity across top projects such as CryptoPunks and Bored Apes, which are all reliant on the performance of Ethereum for valuation.