Pudgy Penguins, BAYC rally masks a shrinking NFT market as volumes and users fall
By Sam Reynolds
Published on April 27, 2026.
Non-fungible tokens (NFTs) are rallying, with some leading companies including Bored Ape Yacht Club and Pudgy Penguins posting double-digit gains. However, overall activity is waning, with fewer buyers and more focused on high-value trades in blue-chip collections. Global NFT sales fell to roughly $175 million in April from $304 million in February, while total transactions and active users both dropped by nearly half. Average sale prices more than doubled month over month. Despite this, the market is stabilizing but not expanding.
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