Blue chip NFTs sink double digits as ETH retreats from record highs

Pudgy Penguins, BAYC and Doodles led the decline over the past week, while CryptoPunks held on with only a 1.35% drop.

Blue-chip non-fungible token (NFT) collections had steep weekly declines as Ether pulled back from all-time highs.

Data from decentralized finance aggregator DefiLlama showed that top projects saw their floor prices sink by double digits in the last seven days. Blue-chip NFT collections like Pudgy Penguins, Bored Ape Yacht Club (BAYC) and Doodles were among the hardest hit.

Pudgy Penguins, the top NFT collection by 24-hour and 7-day volume, saw a 17.3% drop to a 10.32 Ether (ETH) floor price. BAYC shed 14.7% to 9.59 ETH, while Doodles recorded one of the sharpest corrections, dropping 18.9% to 0.73 ETH. Other major collections like Moonbirds and Lil Pudgys dropped 10.5% and 14.6%, respectively.