The global NFT market has seen a dramatic decline, losing around 45% of its total value in just 30 days, even as overall trading activity ticked up in October.
According the information, total NFT market capitalization plunged from $6.6 billion on Oct. 5 to $3.5 billion by Nov. 5. Despite this, CryptoSlam data shows NFT sales rose 13% month-over-month, reaching $631 million in October. Notably, Bitcoin and Base NFTs stood out, gaining 9% and 24%, respectively, while other blockchains suffered steep declines.
BNB Chain and Polygon led the downturn, each losing more than 80% of their value. Ethereum, the dominant NFT network, fell 25.5%, while Solana, Immutable, and Avalanche recorded losses between 31% and 35%.
The correction hit even blue-chip collections. CryptoPunks floor prices dropped from $214,000 to $117,000, and Moonbirds halved from $14,700 to $6,500. Meanwhile, Bored Ape Yacht Club (BAYC) and Pudgy Penguins saw volume growth of 30% and 83%, but both suffered heavy price declines – BAYC from $36,700 to $19,500, and Pudgy Penguins from $43,000 to $18,340.
The divergence between higher trading activity and falling valuations underscores how NFT liquidity remains speculative and tightly tied to overall crypto sentiment.
Even as NFT prices slump, key industry players are shifting focus. OpenSea announced plans to expand into a universal onchain trading hub, while Animoca Brands confirmed its intent to list on Nasdaq, signaling ongoing mainstream interest in Web3 despite the NFT cooldown.
