NFT market cap drops by $1.2B as Ether rally loses steam

The NFT market cap dropped 12% to $8.1 billion as Ether fell, with CryptoPunks and Bored Apes sliding while Pudgy Penguins climbed into second place.

The non-fungible token (NFT) market lost more than $1.2 billion in value in less than a week as Ether’s rally slowed, according to sector data.

On Monday, NFT Price Floor data showed that the total valuation of NFT collections had dropped to $8.1 billion, a 12% decline from Wednesday’s NFT market cap of $9.3 billion, which had surged 40% since July. 

NFTs losing $1.2 billion in valuation in less than a week coincided with a 9% drop in Ether (ETH) prices. At the time of writing, Cointelegraph data showed ETH traded at $4,260, down from a high of about $4,700 on Wednesday. 

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