The NFT market is witnessing a remarkable surge in prices across specific collections, even as overall demand and transaction volumes decline.
Collections like Bored Ape Yacht Club and Pudgy Penguins have recorded sharp price increases in recent weeks, but industry data shows both the total number of buyers and general trading activity across the NFT landscape have fallen considerably.
In the past 30 days, the Bored Ape Yacht Club’s floor price has risen by 81 percent, while Pudgy Penguins exceeded 5 ETH with a weekly increase of 20 percent. During the same period, Pudgy Penguins saw around 201 sales in just seven days, generating nearly 1,000 ETH in total traded volume.
These upward price movements are giving the impression of a broad recovery in the NFT arena. However, the actual number of new buyers is shrinking, and market activity is increasingly concentrated in only a handful of large collections.
According to experts, while rising floor prices mean new investors have to pay more to enter, the declining participation rate is a notable development.
Research firm CryptoSlam reports that global NFT sales volumes fell from $304 million in February to about $175 million in April. Both transaction counts and active user numbers have dropped by half over this period.
Source: X.com
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