The Market Pulse is our weekly positioning snapshot — where organic volume sat, which blue-chip floors moved, and which collections led. It covers the week of Sep 14–20, 2026.
Headline: $37.54M in organic sales across 808,432 transactions from 114,977 buyer addresses — the week value fell while the participation column rebounded from its collapse.
1. Blue-Chip Floor Movers
NeoDrop briefing for Sep 12 – Sep 18, 2026, data cutoff Sep 18 09:00 ET. Floors in ETH, converted at the cutoff ETH price of $2,558.32. ETH rose 1.73% over the window, from $2,514.85 to $2,558.32.
| Collection | Floor (Sep 18) | Floor (Sep 11) | Change vs Sep 11 | 7-day (as reported) | Floor (USD) |
|---|---|---|---|---|---|
| Bored Ape Yacht Club | 6.85 ETH | 6.7 ETH | +2.2% | +0.9% | $17,465 |
| CryptoPunks | 29.69 ETH | 29.79 ETH | -0.3% | -0.7% | $75,686 |
| Azuki | 0.678999 ETH | 0.708999 ETH | -4.2% | -4.6% | $1,731 |
| Pudgy Penguins | 3.38 ETH | 3.55 ETH | -4.8% | -6.3% | $8,621 |
| Doodles | 0.316124 ETH | 0.342 ETH | -7.6% | -7.0% | $806 |
Four of five floors fell again, but this week one rose: BAYC added 0.91% as reported — 2.24% between our two dated snapshots — to 6.85 ETH — the second consecutive week in which a single blue-chip floor rose against a falling cohort, after Doodles was the sole gainer the prior week. CryptoPunks was next-most resilient at −0.74% (−0.34% on the snapshot basis) to 29.69 ETH. Doodles was weakest at −7.02%, followed by Pudgy Penguins at −6.29% and Azuki at −4.62%. Two change columns are shown because they measure different things: Change vs Sep 11 compares two precisely dated snapshots, while 7-day (as reported) is CoinGecko's rolling seven-day percentage using its own window. They diverge most on BAYC this week, where the snapshot basis more than doubles the gain; we publish both rather than pick.
2. Organic Volume by Chain
| Chain | Organic sales | Share of organic | W/W | Wash |
|---|---|---|---|---|
| Ethereum | $15.32M | 40.8% | -2.7% | $443,802 |
| Polygon | $7.09M | 18.9% | -4.9% | $18.07M |
| Bitcoin | $4.33M | 11.5% | -54.0% | — |
| BNB Chain | $2.58M | 6.9% | -36.3% | — |
| Base | $2.16M | 5.8% | +4.1% | $4.80M |
| Solana | $1.89M | 5.0% | -11.1% | — |
Shares are computed on organic volume only ($37.54M total). Ethereum leads at 40.8%, up from 36.0% last week and a 25.1% trough the week before. Polygon is second and Bitcoin third at $4.33M after a 53.99% fall. BNB Chain is fourth at $2.58M, down from 8.6% last week and 43.4% two weeks ago. Polygon's 18.9% share understates its on-chain footprint because $18.07M of wash volume is excluded here — 2.55× its organic figure, back above 2.5× after one week at 2.22×. Base was the only chain to grow (+4.06%). Wash figures were published this week only for Ethereum, Polygon and Base; the remaining chains are shown without a figure rather than an estimate. W/W percentages are the Sep 19 capture's reported basis; on our Sep 12 capture instead, Ethereum's decline computes to 9.0%.
3. Top Collections
| Collection | Chain | Sales | Transactions |
|---|---|---|---|
| Courtyard | Polygon | $6.30M | 123,504 |
| Argonauts | Ethereum | $2.74M | 1,204 |
| Alchemix V3 Transmuter | Ethereum | $1.83M | 8 |
Courtyard led for a fourth consecutive week at $6.30M across 123,504 transactions — 16.8% of global volume, and the only genuinely broad base in the top three. Argonauts held second at $2.74M on 1,204 transactions. Third place is the week's concentration story: Alchemix V3 Transmuter moved $1.83M, up 622.03%, through eight transactions involving four buyers and three sellers — $228,750 per transaction against Courtyard's $51.
4. Implied Market Cap (five published floors)
| Collection | Supply | Floor | Floor (USD) | Implied cap |
|---|---|---|---|---|
| Bored Ape Yacht Club | 9,998 | 6.85 ETH | $17,465 | $174.6M |
| CryptoPunks | 9,994 | 29.69 ETH | $75,686 | $756.4M |
| Pudgy Penguins | 8,888 | 3.38 ETH | $8,621 | $76.6M |
| Azuki | 10,000 | 0.678999 ETH | $1,731 | $17.3M |
| Doodles | 9,998 | 0.316124 ETH | $806 | $8.1M |
An upper bound, not a valuation: it assumes the entire supply could clear at the floor. The USD floors are the briefing's own published figures, which imply an ETH price of about $2,549 against the $2,558.32 endpoint it cites; we quote them as published rather than re-converting. Only the five collections with a dated Sep 18 floor are included — collections without a dated snapshot are excluded rather than estimated.
- Organic sales $37.54M on 808,432 transactions from 114,977 buyer addresses — value fell 15.28% while buyer addresses rose 174.04%.
- Ethereum leads at $15.32M (40.8% of organic volume); BNB Chain fell 36.26% to 6.9% and Base was the only chain to grow.
- BAYC was the only blue-chip floor to gain, up 0.91% to 6.85 ETH; Doodles was weakest at −7.02%.
- Courtyard led for a fourth week at $6.30M across 123,504 transactions; Alchemix V3 Transmuter ranked third on eight transactions worth $228,750 each.
- CryptoPunks implied cap $756M on a 29.69 ETH floor.
Frequently Asked Questions
What is the NFT Market Pulse?
A weekly snapshot of the cross-chain NFT market: blue-chip floor movers, organic volume by chain, top collections and implied market caps, published every Monday.
Did NFT sales rise or fall this week?
The $37.54M figure is down 15.28% against the ~$44.31M prior-week base cited in the Sep 19 capture, and down 19.75% against the $46.78M in our Sep 12 capture. The gap between the two bases narrowed from 42% to 5.3%, the closest they have come in this series.
Why are there two change columns in the floor table?
Because two different measurements circulate. 'Change vs Sep 11' compares two precisely dated snapshots. '7-day (as reported)' is CoinGecko's rolling seven-day percentage, which uses its own window and is what most outlets quote. This week they diverge most on BAYC — +2.24% on the snapshot basis against +0.91% as reported.
How is implied market cap calculated?
Reported USD floor × circulating supply. It is an upper bound on collection value, not a mark-to-market valuation, and it uses the briefing's published USD floors, which imply an ETH price near $2,549.
Does the chain volume table include wash trading?
No — the table reports organic volume only, with wash shown in a separate column where published. On Polygon this week wash was 2.55× organic, and Base's wash again exceeded its organic volume; Bitcoin, BNB Chain and Solana wash figures were not published.