NFT Market Crashes Below $20M in Daily Sales Volume as Floor Prices Flip Over 10% in 7 Days

The non-fungible token market has plummeted in trading sales volume and floor price value this week, recording less than $20 million in daily sales volume several times since November.

The non-fungible token (NFT) market has seen a sharp decline in trading sales volume and floor price value this week, with several days recording less than $20 million in daily sales volume. Most NFT floor prices have flipped over 10% in the past seven days. This market downturn is linked to the recent market volatility, driven by Donald Trump’s high tariffs against Canada, Mexico, and China.

Daily NFT Sales Drop Below $20 Million

Earlier this week, the Donald Trump administration threatened tariffs against Canada, Mexico, and China, with retaliatory tariffs promised immediately. This caused the NFT and crypto markets to plummet, with Bitcoin falling over 10% to as low as $91,000. But the tariffs were quickly rescinded, and the market recovered to its previous levels of over $100,000, as the crypto market fell.

According to data Cryptoslam.io, an on-chain crypto market aggregator and a non-fungible token explorer, the global non-fungible token market shows no sign of recovering from the recent market shake-up, with other factors also hindering its progress. In the past 24 hours, the NFT market has recorded a trading sales volume of $17 million, down by 2.42%. The number of investors buying NFTs has also decreased by 13% during this time, to 35,812, amid market uncertainty.

Ethereum, the blockchain network known for hosting most blue-chip NFT collections, is the most-traded blockchain network in the global NFT market this week. In the past 24 hours, NFT collections on the Ethereum blockchain have achieved a trading sales volume of $8 million. During this time, the trading sales volume of Ethereum NFTs has dropped by 25% from the past day. Mythos, Base, and Solana-based NFTs follow distantly behind Ethereum-based NFTs, with a daily trading sales volume of less than $2.2 million.

Pudgy Penguins Tops Daily NFT Market Chart

Pudgy Penguins, a world-renowned non-fungible token collection featuring a limited set of 8,888 digital items hosted on the Ethereum blockchain network, is the NFT market’s most traded NFT collection today. In the past 24 hours, the Pudgy Penguins NFT collection has generated a trading sales volume of $1.3 million. During this time, the trading sales volume of Pudgy Penguins NFTs has dropped by 36% from the previous day. The drop-out is linked to the recent $PENGU token burn.

We burned 13.69% of the total $PENGU supply upon the close of the claim.

That is 12,164,667,616 tokens. pic.twitter.com/GMVljqFygG

— Pudgy Penguins (@pudgypenguins) February 5, 2025