The NFT market saw a significant decline, with a decrease of over $1.2 billion in valuation within a week, leading to a total market cap of $8.1 billion, a 12% drop from the previous week. This downturn was closely linked to a slowdown in Ether's price rally, which fell by about 9%. The most valuable NFT collections were affected, with CryptoPunks witnessing a reduction of approximately $300 million in value, bringing its market cap down to $2.1 billion. The Bored Ape Yacht Club (BAYC) fell from second to third place, experiencing a nearly 20% decline to $482.3 million. Interestingly, Pudgy Penguins climbed to the second position in valuation, despite their market cap dropping by 17% to $491 million. This indicates a shift in market dynamics, with companies like BTCS Inc. increasingly recognizing blue-chip NFT collections as viable assets for treasury diversity.

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