Non-fungible tokens (NFTs) have outperformed their fungible peers over the past seven days, with the 10 largest collections seeing an average gain of 6.4% over the period, according to to the NFT price aggregator Price Floor.
At the same time, the fungible token sector saw an average negative performance of 8.6%, with only tokens native to centralized exchanges seeing positive returns.
Mixed performance
The NFT collection with the most significant increase was Space Doodles, with a 44.7% increase in their nominal dollar price.
Pudgy Penguins secondary collection Lil Pudgys grew 35.1% and had the second highest return among the top 10 collections. This performance was closely followed by Space Doodles’ main collection, Doodles, and its weekly growth of 34.8%.
Azuki and Pudgy Penguins also saw positive movements, increasing by 14.2% and 14% respectively. Meanwhile, Bored Ape Yacht Club (BAYC) and CryptoPunks, two of the most popular NFT collections on the market, weighed on the average returns of the top 10 collections.
Bored Ape NFTs fell nearly 19%, while CryptoPunks and BAYC spinoff Mutant Ape Yacht Club fell 9.35% and 15.77%, respectively, over the same period. period.
The in the same period.
Despite the positive average performance, the NFT market is still stagnant on the three largest blockchains in terms of transaction volume.
Data from CryptoSlam watch that weekly NFT sales on Ethereum (ETH) exceeded $129 million but are down 28.5%. NFT trading on Bitcoin (BTC) accumulated significantly lower volume, reaching $29.3 million, with a weekly decline of 46%.
Solana (SOL) finished in the top 3 blockchains by NFT activity, with volume of $24.3 million and a negative weekly change of 38.5%.
Fall of glory
Despite double-digit gains on most of the top 10 NFT collections, their price floors are still far from their peaks. CryptoPunks peaked at nearly 114 ETH on October 8, 2021 and its floor price is 39.89 ETH at press time, a decline of 65%.
Bored Ape NFTs, arguably the most popular collection of the previous bull cycle, reached their all-time high at 128 ETH on April 22, 2022. However, they are down almost 87% at the current price of 17 ETH.
Meanwhile, Mutant Ape Yacht Club items saw the worst correction among the top 10 NFT collections from their all-time highs. Their current price of 3.12 ETH is down 91% from the 35.58 ETH they recorded on April 27, 2022.
