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 7–13, 2026.
Headline: $46.78M in organic sales across 917,549 transactions from just 41,959 buyer addresses — the week the participation column and the volume column told opposite stories.
1. Blue-Chip Floor Movers
NeoDrop briefing for Sep 5 – Sep 11, 2026, data cutoff Sep 11 09:00 ET. Floors in ETH, converted at the cutoff ETH price of $2,626.49. ETH rose 6.94% over the window, from $2,456.09 to $2,626.49.
| Collection | Floor (Sep 11) | Floor (Sep 4) | Change vs Sep 4 | 7-day (as reported) | Floor (USD) |
|---|---|---|---|---|---|
| Doodles | 0.342 ETH | 0.318095 ETH | +7.5% | +0.3% | $898 |
| CryptoPunks | 29.79 ETH | 30.75 ETH | -3.1% | -3.1% | $78,243 |
| Azuki | 0.708999 ETH | 0.73 ETH | -2.9% | -4.2% | $1,862 |
| Pudgy Penguins | 3.55 ETH | 3.8 ETH | -6.6% | -8.4% | $9,324 |
| Bored Ape Yacht Club | 6.7 ETH | 7.55 ETH | -11.3% | -11.6% | $17,597 |
Four of five fell — through a 6.94% ETH rally, which makes the declines sharper than they look, not softer. Two change columns are shown because they measure different things: Change vs Sep 4 compares two precisely dated snapshots, while 7-day (as reported) is CoinGecko's rolling seven-day percentage using its own window. They agree for CryptoPunks (−3.12% on either) and diverge most on Doodles (+7.52% between snapshots against +0.28% as reported); we publish both rather than pick.
2. Organic Volume by Chain
| Chain | Organic sales | Share of organic | W/W | Wash |
|---|---|---|---|---|
| Ethereum | $16.83M | 36.0% | -6.4% | $794,730 |
| Bitcoin | $9.44M | 20.2% | +50.1% | $74,767 |
| Polygon | $7.71M | 16.5% | +7.7% | $17.11M |
| BNB Chain | $4.02M | 8.6% | +26.0% | — |
| Base | $2.48M | 5.3% | -35.3% | — |
| Solana | $2.30M | 4.9% | +32.9% | — |
Shares are computed on organic volume only ($46.78M total). Ethereum retook the top spot at 36.0% of the market; BNB Chain fell from 43.4% last week to 8.6%. Polygon's 16.5% share understates its on-chain footprint because $17.11M of wash volume is excluded here — 2.22× its organic figure, the first reading below 2.5× in three weeks. Wash figures were published this week only for Ethereum, Bitcoin and Polygon; the remaining chains are shown without a figure rather than an estimate. W/W percentages are the Sep 12 capture's reported basis; on our Sep 5 capture instead, BNB Chain's decline computes to 87.7% and Ethereum's to 11.1%.
3. Top Collections
| Collection | Chain | Sales | Transactions |
|---|---|---|---|
| Courtyard | Polygon | $6.67M | 104,404 |
| Argonauts | Ethereum | $4.36M | 2,331 |
| $X@AI | Bitcoin | $2.90M | 9 |
| $X@AGI | Bitcoin | $1.72M | 3 |
| CryptoPunks | Ethereum | $1.13M | 15 |
Three concentration readings before quoting these figures: the two Bitcoin BRC-20 collections moved $4.62M in twelve transactions combined — $X@AI on nine transactions from seven buyer addresses, $X@AGI on three — while CryptoPunks needed fifteen transactions to move $1.13M and Courtyard's 104,404 transactions remain the only genuinely broad base in the top five.
4. Implied Market Cap (five published floors)
| Collection | Supply | Floor | Floor (USD) | Implied cap |
|---|---|---|---|---|
| CryptoPunks | 10,000 | 29.79 ETH | $78,243 | $782.4M |
| Bored Ape Yacht Club | 10,000 | 6.7 ETH | $17,597 | $176.0M |
| Pudgy Penguins | 8,888 | 3.55 ETH | $9,324 | $82.9M |
| Azuki | 10,000 | 0.708999 ETH | $1,862 | $18.6M |
| Doodles | 10,000 | 0.342 ETH | $898 | $9.0M |
An upper bound, not a valuation: it assumes the entire supply could clear at the floor. Only the five collections with a dated Sep 11 floor are included — collections without a dated snapshot are excluded rather than estimated.
- Organic sales $46.78M on 917,549 transactions; average value per transaction fell 56.1% to $50.98.
- Ethereum retook the chain lead at $16.83M (36.0% of organic); BNB Chain collapsed 87.7% on our base to fourth place.
- Four of five blue-chip floors fell in ETH while ETH gained 6.94%; Doodles was the sole gainer at +0.3%.
- Buyer addresses fell 84.67% to 41,959 — about 22 transactions per address, against 2.38 last week.
- CryptoPunks implied cap $782M on a 29.79 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 $46.78M figure is up 6.8% against the ~$43.80M prior-week base implied by the Sep 12 capture's own comparison, and down 38.1% against the $75.54M in our Sep 5 capture. The capture does not publish the span behind its comparison, so both readings are shown.
Why are there two change columns in the floor table?
Because two different measurements circulate. 'Change vs Sep 4' 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. Publishing only one would hide the discrepancy — largest this week on Doodles.
How is implied market cap calculated?
Floor price in ETH × circulating supply × the Sep 11 ETH price ($2,626.49). It is an upper bound on collection value, not a mark-to-market valuation.
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 2.22× organic; BNB Chain, Base and Solana wash figures were not published.