The NFT market lost over $1.2 billion in value in less than a week as Ether’s rally slowed, dropping total valuation to $8.1 billion, a 12% decline. ETH prices fell by 9%, trading at $4,260. Most top 10 collections also showed declines in value as ETH decreased by 4%.

CryptoPunks, the top NFT collection, lost $300 million in value, dropping to $2.1 billion. CryptoSlam data revealed a 34% drop in sales volume to $12.7 million. Bored Ape Yacht Club fell to third place with a value of $482.3 million, a 20% decrease.

Pudgy Penguins gained the second-highest valuation despite a $100 million loss, with a market cap of $491 million. BTCS Inc. added three Pudgy Penguins NFTs to its corporate digital asset treasury, showing an increasing recognition of NFT collections as legitimate assets for diversification.

Read more at Cointelegraph: NFT Market Cap Drops $1.2B as Ether Declines; Penguins Overtake Apes