The global NFT market capitalization is currently reported at 3.5 billion USD, with a decline of 45% over the past 30 days

According to Cointelegraph, CoinGecko data shows that the total market value of NFTs worldwide has plummeted from about $6.6 billion to $3.5 billion, a drop of 45% in just 30 days. Although sales increased in October, briefly pushing up the floor prices of blue-chip NFTs, the market remains sluggish.

CryptoSlam data indicates that NFT sales in October were approximately $631 million, a 13% increase from September's $556 million. Over the past 30 days, Bitcoin and Base NFTs rose by 9% and 24%, respectively; while BNB Chain and Polygon NFT sales fell by 82% and 86%, respectively. In terms of NFT sales, the largest Ethereum network saw a decline of 25.5%, while Solana, Immutable, and Avalanche chain NFT sales dropped between 31% and 35%.

NFT floor price data shows that this market adjustment has even affected the most mature NFT collections. Over the past 30 days, CryptoPunks' trading volume decreased by 40%, with the floor price dropping from about $214,000 to $117,000. Moonbirds also experienced a similar pullback, with trading volume down 63% during the same period, and the floor price falling from $14,700 to $6,500, a decline of more than half.

The disconnection between trading volume and sales growth with valuations indicates that NFT market liquidity remains speculative and is sensitive to overall cryptocurrency market sentiment.