Blue-Chip NFT Value Drops $1.2B as Ether Pulls Back — Utility NFTs Show Resilience

The NFT landscape saw a sharp contraction of over $1.2 billion in value as Ethereum’s pullback hit big name collections like CryptoPunks and Bored Apes. Meanwhile, utility-driven NFT projects are holding up much better.

The broader NFT market is under pressure as Ethereum’s recent decline has triggered large losses in top collectors’ portfolios. Data from NFT Price Floor indicates that the market cap for blue-chip and high-value NFTs fell from around $9.3 billion to $8.1 billion, delivering a drop of over $1.2 billion in market value, largely driven by collections like CryptoPunks and Bored Ape Yacht Club.

The pullback in ETH price—nearly 9% from its highs—amplified downside pressure. When the underlying blockchain asset depreciates, it’s routine for NFTs priced in ETH to lose value or see retracting bids. CryptoPunks lost about $300 million in valuation alone, while Bored Ape entered correction territory as sales volumes dropped significantly.

But a noteworthy divergence is emerging: utility NFTs (those tied to real world usage, access privileges, or functional value beyond mere collectibles) are retaining value far better than speculative profile-picture collections. Projects with real utility—membership access, in-game assets, event passes, digital identity, etc.—are seeing more stable demand amid the correction.

Marketplace activity also confirms this: unique buyer counts have dropped (for many blue-chip drops) while fewer high-priced transactions are happening. The average NFT sale price is falling even as transaction counts increase modestly — indicating lower-cost NFTs are trading more, but high-end trading is cooling.

For collectors and investors, this moment could be a “reset” phase: test which collections and which marketplaces offer durability, transparency, and utility. Those who bought blue-chips early may face pain, but utility project founders, artists, and platforms focusing on real use cases are likely to gain trust and hold long-term relevance.

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