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The initial hype around the global non-fungible token market appears to have faded in recent days. The non-fungible token market began developing cracks over the weekend after United States President Donald Trump renewed trade wars. In response to the bearish news, the NFT sector has seen many non-fungible token collections plunging by double digits in the past seven days.

Blue chip NFTs Sink +10%

Data compiled by DefilLama, a decentralized finance aggregator, indicates that top non-fungible token projects have seen their floor prices sink by double digits in the last seven days. Blue-chip NFT collections like Pudgy Penguins, Lil Pudgy, Checks, and Doodles are among the hardest hit. In the past seven days, Pudgy Penguins, a globally acknowledged non-fungible token collection featuring a limited edition of 8,888 NFTs hosted on Ethereum, has seen a 22.84% drop to 7.77 ETH.

Blue-chip Azuki, another globally acknowledged non-fungible token collection from the digital asset incubation studio Chiru Labs featuring a limited supply of 10,000 anime NFTs hosted on the Ethereum, has shed 23% floor price value to 1.43ETH. Doodles, a non-fungible token series featuring a limited edition of 10,000, has seen an 18% drop to 0.83ETH. Lil Pudgy, another non-fungible token series from the Pudgy Penguins team, has also dropped 13% 0.93ETH.

Bored Ape Yacht Club, a non-fungible token collection from Yuga Labs featuring a limited set of 10,000 NFTs hosted on the Ethereum, Moonbirds, a non-fungible token series from the Orange Cap games featuring a limited supply of 10,000 NFTs and Mutant Ape Yacht Club, another non-fungible token collection from Yuga Labs featuring a fixed supply of 20,000 mutant NFTs, have also seen their floor price value drop +9% in the past seven days.

Punks And Good Vibes Remain Resilient Despite Market Crash

Although many non-fungible token collections have suffered heavy losses, not all NFT projects were in retreat. CryptoPunks, the top non-fungible token collection by market cap, and Good Vibes Clubs, a non-fungible token series from the digital asset incubation studio, Toast, have shown relative resilience. In the past seven days, CryptoPunks have lost 4%, while the Good Vibes Club NFT collection has gained 6.18%.

Despite the top collections showing floor price declines, trading volumes have remained high. In the past seven days, the Ethereum-based NFT collection has raised a trading sales volume of more than $90 million. Throughout the week, Pudgy Penguins led the NFT market with about $13 million in trading volume. The NFT collection was followed by the Bored Ape Yacht Club NFT collection, with $7.2 million in trading volume.

Trump Revives Trade Wars

On Friday, the crypto and non-fungible token market plunged in value in a short but significant flash crash, leaving many investors with billions of dollars in losses. Investors were shaken after President Donald Trump threatened new tariffs on imports from China, sparking a sell-off in risky assets like tech stocks and crypto and a flight to safe havens like gold and silver, which are both trading at record highs.

New 100% tarrifs on China. pic.twitter.com/9uBZzInIol
— Tiberius B (@B_Tiberius) October 10, 2025

In response to this bearish announcement, many digital assets from flagship crypto “Bitcoin” to memecoins to NFTs sank as investors sold their holdings and highly-leveraged positions were closed amid the sharp, unexpected downturn. This mini crash resulted in a record of over $19 billion in liquidated positions, according to data analysis from CoinGlass. China has vowed to retaliate if the United States imposes 100% tariffs on its products.

$19 B Liquidated. 0 HODLers Rekt.
Crypto just printed a historic wipeout. About $19B in liquidations, roughly 87% on the long side, mostly perps. Spot holders were not the target and they were not forced to sell.
The chain backed it up. Long-term holder supply held near 70–75%… pic.twitter.com/1NIWYqtEdC
— Shanaka Anslem Perera ⚡ (@shanaka86) October 11, 2025