FameEX Hot Topics | NFT Market Cap Plunges 46% in 30 Days—Brutal Slowdown

The NFT market has been gutted, with CoinGecko reporting a near-50% value wipeout in just 30 days. Global capitalization crashed from $6.6 billion on October 5 to $3.5 billion by November 5—a 45% nosedive. October’s trading surge briefly propped up blue-chip floors, but the rally proved illusory. As broader crypto sentiment soured, liquidity vanished, dragging even flagship collections into a brutal correction. What was once a symbol of digital wealth creation now exposes the sector’s speculative fragility, where hype inflates prices and fear evaporates them overnight.

Sales data offers a sliver of resilience amid the carnage. CryptoSlam recorded $631 million in October NFT volume—13% above September’s $556 million—showing traders remained active. Bitcoin NFTs rose 9%, while Base surged 24%, proving pockets of strength persist. Yet the bigger picture is grim: Polygon plunged 86%, Ethereum (the volume leader) fell 25.5%, and Solana, Immutable, and Avalanche shed 31–35%. Network dominance shifts rapidly in this space; today’s leader can become tomorrow’s laggard as capital chases momentum and flees risk.

Elite collections, long seen as safe havens, suffered devastating losses. CryptoPunks’ trading volume dropped 40%, with floor prices collapsing from $214,000 to $117,000. Moonbirds fared worse—volume down 63%, floors halved from $14,700 to $6,500. These aren’t fringe projects; they’re cultural icons of the NFT boom. Their decline signals a broader erosion of confidence. When even the most revered digital assets bleed value, it underscores how deeply sentiment drives this market—no utility, no floor.

Paradoxically, some collections saw volume spikes alongside price crashes. Bored Ape Yacht Club (BAYC) trading jumped 30%, yet its floor sank from $36,700 to $19,500. Pudgy Penguins soared 83% in volume but watched prices plummet from $43,000 to $18,340. This disconnect—frantic trading, falling value—reveals NFT liquidity as paper-thin. Activity often reflects speculation, not conviction. Whales may be redistributing, retail chasing pumps, or algorithms front-running dips. Either way, price discovery remains detached from fundamentals, making NFTs a high-beta play on crypto psychology.

As secondary markets freeze, industry giants pivot strategically. OpenSea, commanding over 522,000 traders last month, announced plans to evolve into a universal onchain trading platform—embracing tokens, domains, and DeFi—while rejecting claims of abandoning NFTs. Animoca Brands confirmed a Nasdaq listing, bringing Web3 gaming and metaverse exposure to traditional investors. These moves signal maturity: from collectible mania to integrated ecosystems. The NFT winter may be painful, but it’s forcing adaptation. When the next bull cycle ignites, survivors will offer more than JPEGs—they’ll power digital economies.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.