Non-fungible tokens (NFTs) have outperformed their fungible tokens over the past seven days, with the top 10 collections posting an average gain of 6.4% over the period. according to to price aggregator NFT Price Floor.
Meanwhile, the fungible token sector recorded an average performance of negative 8.6%, with only native tokens from centralized exchanges recording positive returns.
Mixed performance
The NFT collection with the biggest upside was the Space Doodles, with a 44.7% upside in their dollar-nominated price.
Pudgy Penguins’ secondary collection, Lil Pudgys, rose 35.1% and had the second largest return among the top 10 collections. This performance was closely followed by Space Doodles’ primary collection, Doodles, and its weekly growth of 34.8%.
Azuki and Pudgy Penguins also showed positive movements, with increases of 14.2% and 14% respectively. Meanwhile, Bored Ape Yacht Club (BAYC) and CryptoPunks, two of the most popular NFT collections on the market, depressed the average returns of the top 10 collections.
Bored Ape NFTs fell nearly 19%, while CryptoPunks and BAYC spinoff Mutant Ape Yacht Club fell 9.35% and 15.77% respectively over the same period.
The in the same period.
Despite the positive average performance, the NFT market is still weak in terms of trading volume on the three largest blockchains.
Data from CryptoSlam shows that weekly NFT sales on Ethereum (ETH) exceeded $129 million but fell 28.5%. NFT trading on Bitcoin (BTC) saw significantly lower volume, reaching $29.3 million, with a weekly decline of 46%.
Solana (SOL) finished in the top 3 blockchains in terms of NFT activity, with $24.3 million in volume and a negative weekly variation of 38.5%.
Fall from glory
Despite double-digit gains on most of the top 10 NFT collections, their rock bottom prices are still far from their peaks. CryptoPunks peaked at almost 114 ETH on October 8, 2021, and the floor price at the time of writing is 39.89 ETH – a drop of 65%.
Perhaps the most popular collection from the past bull cycle, the Bored Ape NFTs hit their all-time high of 128 ETH on April 22, 2022. However, they are down almost 87% at the current price of 17 ETH.
Meanwhile, Mutant Ape Yacht Club items registered the worst correction in the top 10 NFT collections compared to their all-time highs. Their current price of 3.12 ETH is 91% lower than the 35.58 ETH they registered on April 27, 2022.