It's dying. Even if you never exposed it to air, it's virtually impossible to tell if it's ever been, from the collector, to the wholesaler, to the retailer. The chances of exposing a sponge are hugely high. About exposing it, I believe from my previous sponge experience, it's more about being exposed for a prolonged period, more then just a split second or two. Tree sponges, like most sponges are filter feeders. Their structure is a massive network of webbing. When air gets in, air has trouble usually escaping, and that's why the sponge dies. Additionally, many times the collector simply "rips" the sponge right off the rocks, which crushes the internal meshwork in the sponge.
If the bubbles from the skimmer collected on the sponge, and there isn't enough flow in the tank to blow them off, or you didn't rub them off, it may of caused it. However depending on the size of your sponge, the size of your tank, it probably is just dying from lack of nutrients like 99.9% of tree sponges do. Most aquarium just can't supply the right kind of food for them.
To help maintain a sponge, they should be "brushed" regularly. With your fingers, gently rub the sponge to dislodge any debris caught there. Also shake the sponge, underwater of course.