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 21–27, 2026.
Headline: $55.51M in organic sales across 825,513 transactions from 160,565 buyer addresses — the week value and participation rose together, but most of the new value came from a handful of large trades.
1. Blue-Chip Floor Movers
NeoDrop briefing for Sep 19 – Sep 25, 2026, data cutoff Sep 25 09:00 ET. Floors in ETH, converted at the cutoff ETH price of $2,695.31. ETH rose 3.21% over the window, from $2,611.56 to $2,695.31.
| Collection | Floor (Sep 25) | Floor (Sep 18) | Change vs Sep 18 | 7-day (as reported) | Floor (USD) |
|---|---|---|---|---|---|
| CryptoPunks | 33.69 ETH | 29.69 ETH | +13.5% | +13.5% | $90,805 |
| Pudgy Penguins | 3.41 ETH | 3.38 ETH | +0.9% | +3.3% | $9,191 |
| Azuki | 0.684 ETH | 0.678999 ETH | +0.7% | +0.6% | $1,844 |
| Bored Ape Yacht Club | 6.42 ETH | 6.85 ETH | -6.3% | -5.6% | $17,305 |
| Doodles | 0.285 ETH | 0.316124 ETH | -9.8% | -9.9% | $768 |
Three of five floors rose — the first cohort-wide gain in a month, after at least four of five fell in each of the three prior weeks — and the cohort finally moved with ETH instead of against it. CryptoPunks led at +13.47% to 33.69 ETH, and this week the two change columns agree outright: +13.47% between our dated snapshots against an implied prior of exactly our 29.69 ETH print. Pudgy Penguins added 3.28% as reported (+0.89% on the snapshot basis) to end three straight declines, and Azuki gained 0.59% after three down weeks. The decliners split by tape: BAYC fell 5.59% as reported (−6.28% snapshot) to 6.42 ETH on 276.5% more volume with its top offer sliding from 96.0% to 82.7% of floor, and Doodles fell 9.90% — the steepest drop for a second week — on 9.6% less volume. Two change columns are shown because they measure different things: Change vs Sep 18 compares two precisely dated snapshots, while 7-day (as reported) is CoinGecko's rolling seven-day percentage using its own window; we publish both rather than pick.
2. Organic Volume by Chain
| Chain | Organic sales | Share of organic | W/W | Wash |
|---|---|---|---|---|
| Ethereum | $30.33M | 54.6% | +113.5% | $1.07M |
| Polygon | $7.44M | 13.4% | +6.7% | $18.50M |
| Bitcoin | $5.13M | 9.2% | +18.3% | $109,667 |
| Base | $3.30M | 5.9% | +87.6% | $4.80M |
| BNB Chain | $2.66M | 4.8% | +2.8% | — |
| Immutable | $2.39M | 4.3% | +32.7% | — |
| Solana | $2.03M | 3.7% | +17.2% | — |
Shares are computed on organic volume only ($55.51M total). Ethereum leads at 54.6%, up from 40.8% last week — its highest share since the Aug 24–30 week's 56.1% — on a 113.52% reported rise; on our Sep 19 base the rise computes to 98.0%. Polygon is second and Bitcoin third at $5.13M (+18.33%), with a wash figure published for the first time in three weeks. BNB Chain is fifth at $2.66M, down from 6.9% last week to 4.8% and still about 92% below its own 1,042% week. All six leading chains grew this week — the first all-green week of the series. Polygon's 13.4% share understates its on-chain footprint because $18.50M of wash volume is excluded here — 2.49× its organic figure, easing just below 2.5×. Wash was published this week for Ethereum, Polygon, Base and Bitcoin; BNB Chain and Solana are shown without a figure for a third consecutive week rather than an estimate. W/W percentages are the Sep 26 capture's reported basis; on our Sep 19 capture instead, Ethereum's rise computes to 98.0%.
3. Top Collections
| Collection | Chain | Sales | Transactions |
|---|---|---|---|
| CryptoPunks | Ethereum | $8.24M | 85 |
| Courtyard | Polygon | $6.56M | 111,471 |
| Credits | Ethereum | $5.18M | 57,288 |
| Argonauts | Ethereum | $1.97M | 952 |
| Beezie | Base | $1.69M | 7,367 |
CryptoPunks took the top of the table from Courtyard at $8.24M, up 1,066.53% on just 85 transactions — roughly $96,941 per trade, about 1.07× the collection's $90,805 floor, with the week's largest Punk sale at 88.88 ETH (2.6× floor). Courtyard ranked second at $6.56M (+6.67%) across 111,471 transactions, down 7.54%, with buyer addresses down 14.29% — dollar volume up on fewer trades. Credits placed third at $5.18M across 57,288 transactions. The concentration story sits just outside the top three: Beezie (Base) posted $1.69M across 7,367 transactions but only 8 buyer addresses, and its Beezie #4365 sale for $1,000,000 in USDC alone accounted for about 59% of the collection's week.
4. Implied Market Cap (five published floors)
| Collection | Supply | Floor | Floor (USD) | Implied cap |
|---|---|---|---|---|
| CryptoPunks | 9,993 | 33.69 ETH | $90,805 | $907.4M |
| Bored Ape Yacht Club | 9,997 | 6.42 ETH | $17,305 | $173.0M |
| Pudgy Penguins | 8,888 | 3.41 ETH | $9,191 | $81.7M |
| Azuki | 10,000 | 0.684 ETH | $1,844 | $18.4M |
| Doodles | 9,998 | 0.285 ETH | $768 | $7.7M |
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 $2,695 — matching the $2,695.31 endpoint it cites this week, unlike last week's $2,549 note. Only the five collections with a dated Sep 25 floor are included — collections without a dated snapshot are excluded rather than estimated.
- Organic sales $55.51M on 825,513 transactions from 160,565 buyer addresses — value rose 57.17% as reported while transactions rose just 5.93%.
- Ethereum leads at $30.33M (54.6% of organic volume); all six leading chains grew for the first time in the series, and BNB Chain's share fell from 6.9% to 4.8%.
- Three of five blue-chip floors rose for the first time in a month, led by CryptoPunks +13.47% to 33.69 ETH; Doodles was weakest at −9.90% for a second week.
- CryptoPunks took the top of the collection table at $8.24M on 85 transactions; Beezie's $1M #4365 sale was 59% of its collection's week.
- CryptoPunks implied cap $907M on a 33.69 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 $55.51M figure is up 57.17% against the ~$35.31M prior-week base implied by the Sep 26 capture's own comparison, and up 47.87% against the $37.54M in our Sep 19 capture. The gap between the two bases widened from 5.3% to 6.3% after one week of near-convergence.
Why are there two change columns in the floor table?
Because two different measurements circulate. 'Change vs Sep 18' 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 agree outright on CryptoPunks (+13.47%) and diverge most on BAYC — −6.28% on the snapshot basis against −5.59% 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 $2,695.
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 2.49× organic, and Base's wash again exceeded its organic volume; BNB Chain and Solana wash figures were not published for a third week.