Pudgy Penguins, BAYC rally masks a shrinking NFT market as volumes and users fall
Pudgy Penguins and BAYC prices surge double digits, but the broader NFT market is contracting sharply. Global sales fell to $175 million in April from $304 million in February, while active users and transactions halved. Price concentration in blue-chip collections masks dwindling participation, with wash trading still accounting for 50% of volume. The rally partially reflects ETH and BTC strength rather than NFT-specific demand revival.
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