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 28–Oct 4, 2026.
Headline: $40.88M in organic sales across 863,295 transactions from 206,788 buyer addresses — the week the whale tape vanished: participation broadened while value fell.
1. Blue-Chip Floor Movers
NeoDrop briefing for Sep 25 – Oct 2, 2026, data cutoff Oct 2 09:00 ET. Floors in ETH, converted at the cutoff ETH price of $2,744.70. ETH rose 2.00% over the window, from $2,690.89 to $2,744.70.
| Collection | Floor (Oct 2) | Floor (Sep 25) | Change vs Sep 25 | 7-day (as reported) | Floor (USD) |
|---|---|---|---|---|---|
| CryptoPunks | 32.99 ETH | 33.69 ETH | -2.1% | -2.1% | $90,591 |
| Bored Ape Yacht Club | 6.1 ETH | 6.42 ETH | -5.0% | -5.0% | $16,750 |
| Azuki | 0.635 ETH | 0.684 ETH | -7.2% | -7.2% | $1,744 |
| Doodles | 0.2621 ETH | 0.285 ETH | -8.0% | -8.0% | $719 |
| Pudgy Penguins | 2.97 ETH | 3.41 ETH | -12.9% | -12.9% | $8,098 |
All five floors fell — the first clean sweep of the cohort since the week ending Sep 4, after last week's three-of-five gain — and they fell against a rising unit of account, so the declines are steeper in USD. This week the two change columns agree outright on every row. The one divergence inside the source is BAYC: CoinGecko's rolling seven-day field reads −11.34% against the −4.98% one-week-apart level change, and the briefing resolves against its own prior reading (6.42 ETH seven days earlier) — we follow the same resolution. CryptoPunks was firmest at −2.08% to 32.99 ETH while its volume spike unwound (580.15 ETH across 17 sales, down 79.5% from 79 sales). Pudgy Penguins was weakest at −12.90% to 2.97 ETH on 83.5% more volume — a distribution signature. BAYC's top offer repaired from 82.7% to 97.0% of floor, and Azuki printed the week's outlier trade at 20 ETH against a 0.635 ETH floor — 31.5×. Two change columns are shown because they measure different things: Change vs Sep 25 compares two precisely dated snapshots, while 7-day (as reported) is the briefing's published weekly change; we publish both rather than pick.
2. Organic Volume by Chain
| Chain | Organic sales | Share of organic | W/W | Wash |
|---|---|---|---|---|
| Ethereum | $17.08M | 41.8% | -42.0% | $908,894 |
| Polygon | $8.21M | 20.1% | +12.9% | $22.98M |
| Bitcoin | $3.83M | 9.4% | -25.6% | $82,563 |
| Base | $2.25M | 5.5% | -22.0% | $4.80M |
| BNB Chain | $2.16M | 5.3% | -19.0% | $1,687 |
| Immutable | $2.12M | 5.2% | -12.7% | — |
| Solana | $1.95M | 4.8% | +2.0% | — |
Shares are computed on organic volume only ($40.88M total). Ethereum leads at 41.8%, down from 54.6% last week, on a 42.01% reported fall (43.7% on our base). Polygon is second at $8.21M and was the only large chain to grow (+12.89%); Bitcoin is third at $3.83M (−25.56%). BNB Chain is fifth at $2.16M — its share moved up, from 4.8% to 5.3%, the first week in the series its share has risen, despite an 18.97% fall. Only Polygon and Solana (+1.96%) grew this week, against all six leading chains last week, while buyer addresses rose on every chain that published a figure. Polygon's 20.1% share understates its on-chain footprint because $22.98M of wash volume is excluded here — 2.80× its organic figure, the highest ratio of the seven published weeks. Wash was published this week for Ethereum, Polygon, Bitcoin, Base and BNB Chain — the last returning after three consecutive weeks of blanks; Solana is shown without a figure rather than an estimate. W/W percentages are the Oct 3 capture's reported basis.
3. Top Collections
| Collection | Chain | Sales | Transactions |
|---|---|---|---|
| Courtyard | Polygon | $7.31M | 125,802 |
| Credits | Ethereum | $2.22M | 36,660 |
| CryptoPunks | Ethereum | $1.97M | 21 |
| Panini America | Panini | $1.87M | 20,622 |
| $ATMC BRC-20 | Bitcoin | $1.21M | 1,160 |
Courtyard took the top of the table back from CryptoPunks at $7.31M, up 15.11% as reported (11.4% on our base) across 125,802 transactions — 17.9% of global organic volume and 89% of Polygon's own organic total. Credits held second at $2.22M (−56.92%) across 36,660 transactions — a second consecutive week in the top three. CryptoPunks fell to third at $1.97M on just 21 transactions — roughly $93,810 per trade, about 1.04× its $90,591 floor print, at a quarter of last week's pace. Panini America debuted in the table at $1.87M (+557.53%) across 20,622 transactions, and $ATMC BRC-20 ranked fifth at $1.21M on Bitcoin. The five largest listed trades — all Ethereum — totalled about $996,000, or 2.4% of global volume against 4.9% last week; the week's largest known transaction, GONDI's 3M USDC sale of CryptoPunk #8348, settled through a wrapped-punks structure rather than a listing and appears in no marketplace ranking.
4. Implied Market Cap (five published floors)
| Collection | Supply | Floor | Floor (USD) | Implied cap |
|---|---|---|---|---|
| CryptoPunks | 9,993 | 32.99 ETH | $90,591 | $905.3M |
| Bored Ape Yacht Club | 9,997 | 6.1 ETH | $16,750 | $167.5M |
| Pudgy Penguins | 8,888 | 2.97 ETH | $8,098 | $72.0M |
| Azuki | 10,000 | 0.635 ETH | $1,744 | $17.4M |
| Doodles | 9,998 | 0.2621 ETH | $719 | $7.2M |
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 $2,746 — matching the $2,744.70 endpoint it cites. One internal inconsistency to disclose: the briefing's text quotes Pudgy's USD floor as $8,154.75 while its table prints $8,098.22; we carry the table value. Only the five collections with a dated Oct 2 floor are included — collections without a dated snapshot are excluded rather than estimated.
- Organic sales $40.88M on 863,295 transactions from 206,788 buyer addresses — value fell 23.48% as reported while transactions rose 8.44% and buyers 28.79%.
- Ethereum leads at $17.08M (41.8% of organic volume, down from 54.6%); only Polygon (+12.89%) and Solana (+1.96%) grew, and BNB Chain's share rose from 4.8% to 5.3%.
- All five blue-chip floors fell for the first clean sweep since the week ending Sep 4; Pudgy was weakest at −12.90% on 83.5% more volume, CryptoPunks firmest at −2.08% with the 30 ETH line intact.
- Courtyard took the top of the collection table back at $7.31M; Panini America debuted at $1.87M (+557.53%) and Credits held a third week in the top three.
- CryptoPunks implied cap $905M on a 32.99 ETH floor; the cohort's combined implied cap is about $1.17B.
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 $40.88M figure is down 23.48% against the ~$53.42M prior-week base quoted inside the Oct 3 capture, and down 26.36% against the $55.51M in our Sep 26 capture. The gap between the two bases narrowed from 6.3% to 3.9% — the closest the two readings have been.
Why are there two change columns in the floor table?
Because two different measurements circulate. 'Change vs Sep 25' compares two precisely dated snapshots. '7-day (as reported)' is the briefing's published weekly change, which follows the source's own window. This week they agree outright on all five rows; the only source divergence — CoinGecko's rolling −11.34% for BAYC against −4.98% one-week-apart — was resolved by the briefing against its own prior reading.
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 $2,746.
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 2.80× organic, the highest of the series, and Base's wash printed the same $4.80M for a sixth week — a frozen field this report flags; Solana had no published wash figure again.