NFT Market Weekly Sales Up as Pudgy Penguins Soar, Buyers Plunge
By Darren Smith
October 12, 2026
The NFT market on October 12, 2026, presents a mixed picture of modest dollar volume growth alongside a steep contraction in participant breadth. According to data from CryptoSlam, weekly sales reached approximately $39.85 million for the seven days ending around October 10, marking a slight 0.90% increase from the prior period. This figure, detailed further in reporting from crypto.news, masks a far more significant shift underneath the headline number. Unique buyer addresses dropped sharply, with some chain-level readings showing declines of 85% or more, pointing to concentrated activity among a smaller group of holders rather than widespread new participation.
Ethereum continued to lead blockchain activity with $17.60 million in sales, up 4.52% and accounting for roughly 44% of the global total. Polygon followed at $8.62 million, up 5.76%. Bitcoin recorded $3.55 million, down 7.33%, while other chains including Immutable, Base, BNB Chain, and Solana contributed smaller shares. The top six networks together generated about $36.62 million, or 91.9% of all tracked sales. Average transaction value sat near $51.22 across the market. These figures come amid a broader crypto environment in which total market capitalization hovered near $2.82 trillion to $2.89 trillion, with Layer 2 and DePIN sectors absorbing capital flows that NFTs did not, as analyzed in AInvest.
One standout collection was Pudgy Penguins, whose sales jumped 125.66% to $1.50 million. Transactions rose 151.28% to 196, and buyer addresses increased 54.10% to 94. The surge preceded an announcement from billionaire collector Adam Weitsman, who stated on X that he purchased 117 Pudgy Penguins NFTs over the October 10–11 weekend.
“This weekend I wanted to support one of my favorite collections during a difficult time. Decided to buy 117 Pudgy Penguins on chain to spread confidence for the community I have grown to love.”
— Adam Weitsman
Weitsman added that “The Huddle will stay strong,” referring to the project’s community. Reports indicated the floor price rose about 16.7% in the following 24 hours to roughly 2.74 ETH. Coverage of the purchase appears on The Blockopedia. This activity occurred against the backdrop of the parent company shutting down its Abstract Layer 2 network, creating uncertainty that large-holder support appears to have partially offset in the short term.
CryptoPunks also advanced, posting $2.45 million in sales, up 24.45%, on just 26 transactions involving 18 buyer addresses. Courtyard, a Polygon-based collection tied to physical items available for delivery, led overall collection rankings with $7.68 million, up 6.56%. Other notable performers included Guild of Guardians Heroes and Argonauts. Floor prices tracked on NFTHUD as of early October 12 showed Pudgy Penguins near 2.57 ETH, CryptoPunks at 31.49 ETH, and Bored Ape Yacht Club at 6.21 ETH, reflecting selective resilience among established names while many other collections remain far below historical peaks.
Key market observations include:
- Buyer participation collapsed across most chains, with Ethereum buyer addresses down 85.84% to 4,254 and similar percentage drops elsewhere.
- Wash trading remains a factor; Polygon alone showed substantial wash volume relative to organic sales.
- Average sale sizes stayed modest outside blue-chip and high-value ordinals or BRC-20 items, one of which recorded a single sale near $327,000.
- New collections continue to launch; NFT Calendar lists 11 verified drops starting October 12, including pixel-art and generative projects on Solana and other chains.
Marketplace dynamics further illustrate the split between casual and professional activity. OpenSea maintains broad multi-chain coverage and remains the default for many collectors, while Blur continues to attract higher-volume Ethereum traders with its zero marketplace fee model and advanced tooling. OpenSea has also delayed its SEA token launch citing challenging conditions, reinforcing the cautious tone across infrastructure providers. CoinGecko’s tracked NFT market capitalization across collections has settled in the low-single-digit billions in recent snapshots, a fraction of 2022 levels, as noted in CoinGecko NFT data.
Longer-term context shows the sector has moved well beyond the 2021–2022 speculative peak. Annual volumes have contracted substantially, yet a core of activity persists. Animoca Brands co-founder Yat Siu has repeatedly emphasized that wealthy collectors who buy to hold, rather than flip, continue to support the market.
“Have NFTs remained popular among wealthy collectors? Yes, of course. I’m a big collector myself, and I share similar insights with my peers in this space. It’s a community.”
— Yat Siu, Animoca Brands
Siu has compared the affinity among digital collectors to that of traditional art buyers and noted that the market was effectively zero five years earlier, framing current volumes as relative progress even after large percentage declines. His comments, covered in CoinDesk, align with observed concentration: a handful of collections and addresses drive the majority of dollar volume while overall unique participation remains narrow.
| Blockchain | Weekly Sales | Change | Notes |
|---|---|---|---|
| Ethereum | $17.60M | +4.52% | Largest share, 4,254 buyers |
| Polygon | $8.62M | +5.76% | Courtyard dominant |
| Bitcoin | $3.55M | -7.33% | High-value ordinals present |
| Immutable | $2.64M | +22.06% | Gaming-related strength |
| Base | $2.40M | +27.87% | Smaller buyer base |
The data on October 12, 2026, therefore describes a market that is neither dead nor in broad expansion. Dollar sales held near $40 million for the week, blue-chip names such as Pudgy Penguins and CryptoPunks attracted concentrated buying, and a high-profile collector publicly added inventory. At the same time, the collapse in buyer addresses and the contrast with stronger performance in infrastructure sectors such as Layer 2 and DePIN indicate that capital is selective. Platforms continue to operate, new collections launch daily, and established communities retain dedicated participants. Whether these patterns broaden or remain concentrated will depend on sustained on-chain activity beyond large-holder moves. Readers tracking the space can monitor live dashboards from CryptoSlam and marketplace volumes for subsequent updates.
Disclaimer: This article is provided for informational and educational purposes only. It does not constitute financial, investment, legal, or trading advice. The NFT market is highly volatile, and past performance is not indicative of future results. Readers should conduct their own research and consult qualified professionals before making any decisions related to digital assets. The cover image for this article may have been created using artificial intelligence (AI).
