The non-fungible token (NFT) market cap has fallen back towards record lows due to the decline in Ethereum's value. The drop in Ethereum's price has eroded blue-chip NFT gains, exposing a denomination risk in the sector.
Data from CoinGecko shows that CryptoPunks is trading at around $53,254, while Bored Ape Yacht Club (BAYC) and Pudgy Penguins are hovering around $14,828 and $7,335 respectively. However, the dollar floors of these NFTs have declined significantly more than their Ethereum-denominated drops.
The aggregated floor valuations for NFTs now sit between $1.4 billion and $2.4 billion, with CryptoPunks accounting for around 27% of that total. The slide in NFT market cap tracks Ethereum's broader downturn, which has seen its price drop by 67% from its August 2025 record.