Top 10 NFT collections outperform fungible tokens in weekly returns

Non-fungible tokens (NFTs) outperformed their fungible peers over the past seven days, with the 10 largest collections registering a 6.4% average gain in the period, according to price aggregator $NFT Price Floor.

Meanwhile, the fungible token sector registered an average performance of negative 8.6%, with only native tokens from centralized exchanges recording positive returns.

Mixed performance

The $NFT collection with the most significant upside was the Space Doodles, with a 44.7% upside in their dollar-nominated price.

Pudgy Penguins’ secondary collection, Lil Pudgys, went up by 35.1% and had the second-largest returns among the top 10 collections. This performance was closely followed by Space Doodles’ primary collection, Doodles, and its 34.8% weekly growth.

Azuki and Pudgy Penguins also recorded positive movements, increasing 14.2% and 14%, respectively. Meanwhile, Bored Ape Yacht Club (BAYC) and CryptoPunks, two of the most popular $NFT collections in the market, weighed down the average returns of the top 10 collections.

Bored Ape NFTs slumped nearly 19%, while CryptoPunks and BAYC spin-off, Mutant Ape Yacht Club, fell 9.35% and 15.77%, respectively, over thes same period.

The in the same period.

Despite the positive average performance, the $NFT market is still stale on the three largest blockchains by trading volume.

Data from CryptoSlam shows that weekly $NFT sales on Ethereum ($ETH) surpassed $129 million but are down 28.5%. $NFT trading on Bitcoin (BTC) amassed a significantly smaller volume, reaching $29.3 million, with a 46% weekly slump.

Solana (SOL) wrapped the top 3 blockchains by $NFT activity, with $24.3 million in volume and a 38.5% negative weekly variation.

Fall from glory

Despite the two-digit gains on most of the top 10 $NFT collections, their floor prices are still far from their peaks. CryptoPunks peaked at nearly 114 $ETH on Oct. 8, 2021, and its floor is priced at 39.89 $ETH as of press time — a 65% drawdown.

The Bored Ape NFTs, arguably the most popular collection from the past bull cycle, reached their all-time high at 128 $ETH on Apr. 22, 2022. However, they are down nearly 87% at the current price of 17 $ETH.

Meanwhile, the Mutant Ape Yacht Club items registered the worst correction among the top 10 $NFT collections compared to their all-time highs. Their current price of 3.12 $ETH is down 91% from the 35.58 $ETH they registered on Apr. 27, 2022.