Pudgy Penguins and Bored Ape Yacht Club posted double-digit gains, masking a broader slowdown in the NFT market as participation declines.
Pudgy Penguins’ floor price rose above 5 ETH while BAYC surged 81% over the past month, even as overall market activity weakened.
Global NFT sales dropped from $304 million in February to about $175 million in April, with transactions and active users nearly halving over the same period.
Average sale prices more than doubled to $67.38, indicating capital is concentrating in higher-value trades rather than a broad recovery in demand.
Data suggests activity is increasingly focused on a small number of top collections, with some volumes still influenced by wash trading and large individual transactions.
Despite rising prices, aggregate trading profits remain negative, highlighting that many participants are still underwater following earlier declines.
The rally also reflects broader crypto strength, with Ethereum and Bitcoin both gaining in recent weeks, lifting ETH-denominated NFT prices alongside the wider market.
At the time of reporting, Ethereum price was $2,319.04.