PANews reported on November 5th that, according to Cointelegraph, CoinGecko data shows the global NFT market capitalization plummeted from approximately $6.6 billion on October 5th to $3.5 billion on Wednesday, a 45% drop in just 30 days. Despite increased sales in October, briefly pushing up the floor price of blue-chip NFTs, the market remains sluggish. CryptoSlam data shows that NFT sales in October were approximately $631 million, a 13% increase from $556 million in September. Over the past 30 days, Bitcoin and Base NFTs have risen by 9% and 24% respectively; BNB Chain and Polygon NFT sales have fallen by 82% and 86% respectively; the Ethereum network, the largest in terms of NFT sales, saw a 25.5% drop, while sales of NFTs on the Solana, Immutable, and Avalanche chains fell between 31% and 35%.

NFT floor price data shows that this market correction has even affected the most established NFT collectibles. Over the past 30 days, CryptoPunks trading volume has decreased by 40%, and the floor price has fallen from approximately $214,000 on October 5th to $117,000 on November 5th. Moonbirds experienced a similar correction, with trading volume down 63% and the floor price dropping from $14,700 to $6,500, a decline of more than half. The disconnect between trading volume and sales growth and valuation indicates that the NFT market liquidity remains speculative and is highly sensitive to overall crypto market sentiment.