胖企鵝、無聊猿狂飆背後：NFT 市場爆「虛胖」危機，交易量、用戶數腰斬

📄完整原文· 由 trafilatura 自動擷取Gemini 翻譯1244 字

Non-fungible tokens (NFTs) have recently experienced a surge in momentum, and for investors closely monitoring market quotes, it seems as though the market has returned to a flourishing spring. However, observing on-chain transaction data reveals that this rebound is more of a "price hike driven by a small amount of capital" rather than a broad market recovery. This rally is led by Bored Ape Yacht Club (BAYC) and Pudgy Penguins. The floor prices of these two blue-chip NFT projects have recorded double-digit gains in recent weeks, with token prices rising in tandem. Yet, despite this seemingly lively comeback, the actual number of buyers entering the market remains sparse. Taking Pudgy Penguins as an example, the floor price has currently surpassed 5 ETH, with a weekly gain of over 20%. Over the past 7 days, there have been approximately 201 cumulative transactions, with a trading volume nearing 1,000 ETH. On the other hand, the floor price of BAYC has soared by 81% over the past 30 days, staging a strong rebound from its previous lows. In the NFT market, the floor price is a key indicator closely watched by investors, representing the cheapest listing currently available on the market. For instance, if the cheapest Pudgy Penguins NFT is listed at 5.38 ETH, that is the floor price for the collection. Generally, an increase in the floor price implies that buyers are willing to pay more to enter the market; conversely, a decline suggests that holders are rushing to sell and exit. Shrinking liquidity pools and "halved" player activity However, behind the glory of top-tier projects leading the rise, the market structure of NFTs reveals underlying concerns: overall participation is shrinking significantly. According to statistics from the on-chain data analysis platform CryptoSlam, global monthly NFT sales have plummeted from $304 million in February of this year to approximately $175 million in April. During the same period, both the total number of transactions and the number of active users have been "halved." Meanwhile, the average transaction price of NFTs has doubled, rising from $30.6 in March to $67.38 in April. These two seemingly contradictory sets of data actually reflect the same phenomenon: the market has not seen a comprehensive return of buying power; instead, an increasingly shrinking pool of capital is highly concentrated in a few high-priced blue-chip NFTs. The "gold content" of buying power varies, and retail investors remain "trapped" Even among top-tier blue-chip NFT projects, the structure of buying power varies greatly. While Pudgy Penguins has seen price increases, it has maintained relatively high trading activity, indicating a healthy level of market engagement. In contrast, veteran NFT projects like CryptoPunks, despite having similar weekly trading volumes to Pudgy Penguins, have far fewer transactions, meaning that a few large trades can easily influence the price. Looking at broader market signals, the situation remains mixed. CryptoSlam data indicates that approximately 50% of the current trading volume in the NFT market is still "wash trading." Furthermore, overall trading profits remain negative, which means that despite the recent price rebound, most players are still in a "trapped" state. Synthesizing the above data, the current NFT market is more akin to "bottoming out and stabilizing" rather than "expanding and exploding." While prices are rising, participants are being lost, and all the heat and capital are crowding into a few top-tier projects. More importantly, over the past month, ETH has surged by approximately 18%, and BTC has posted a similar gain. In other words, this seemingly exclusive NFT carnival is largely benefiting from the warming risk appetite in the overall cryptocurrency market, and top-tier NFTs denominated in ETH are simply riding the wave of hot money, rising along with the tide.

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2026-04-27

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來源：區塊客

發佈：2026-04-27 09:15:16

分類：zh_news · 導出分類 zh

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