According to data from IntoTheBlock, only three out of the top 10 most valuable NFT collections by market capitalization are currently up in price in Ethereum over the past month. CRYPTOPUNKS, Azuki, and Autoglyphs are the three collections that have seen gains, while the vast majority of NFT collections are experiencing a bearish period.

The NFT market is still relatively new and evolving, and it's not uncommon for emerging markets to experience periods of volatility. Additionally, interest in NFTs appears to be on the decline, with a decrease in NFT-related trademark filings and a 2022 study revealing that over 30% of crypto users said they would "never buy" an NFT.