Blue-chip NFT collections experienced significant declines recently as Ethereum (ETH) pulled back from its all-time highs. Notable collections like Pudgy Penguins, Bored Ape Yacht Club (BAYC), and Doodles faced steep losses, with Pudgy Penguins shedding 17.3% to a floor price of 10.32 ETH. BAYC fell by 14.7% to 9.59 ETH, while Doodles dropped 18.9% to 0.73 ETH. Other collections such as Moonbirds and Lil Pudgys also saw declines. This decline coincided with ETH's dramatic dip after reaching a peak of $4,946 before falling 12% to around $4,342. Despite the overall bearish trend, CryptoPunks showed relative resilience with only a 1.35% decrease. Surprisingly, trading volumes remained high, with Pudgy Penguins leading in trades. Overall, the NFT market capitalization dropped nearly 5% to $7.7 billion after a prior surge in activity due to ETH's rise. By August 18, the NFT market cap had previously climbed to $8.1 billion, reflecting the volatile nature of this digital asset space.

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