NFT Market Cap Surges to $9.3B as Ethereum Rally Fuels NFT Gains
I’m observing the NFT market surge to a $9.3B market cap, marking a 40% increase since July as Ethereum-based collections climb alongside Ether’s rally. According to DappRadar, NFTs were valued at $6.6B just last month.
Ether recently cleared $4,000 and now trades above $4,600 with a roughly $557B market capitalization. Because most NFTs are built on Ethereum, bullish momentum in ETH is lifting NFT valuations and sales. Notably, the top 10 NFT collections by market cap are all Ethereum-based.
CryptoPunks remains the market leader with 526,900 ETH (about $2.4B) in total value, recording 4,200 ETH ($20M) in weekly volume from 90 sales that averaged roughly $217K each. Bored Ape Yacht Club sits second with a $602M valuation, while Pudgy Penguins follows closely at $591M.
Although BAYC ranks higher in valuation, Pudgy Penguins led weekly sales with $8.7M compared with BAYC’s $6.3M. CEO Luca Netz attributes the brand’s resilience to its expansion into physical toys in 2022, which helped position it as a leading blue-chip NFT project. This week BTCS Inc. added three Pudgy Penguins to its corporate treasury.
Other top Ethereum collections I’m tracking include Chromie Squiggle, Autoglyphs, Fidenza, Lil Pudgys, Mutant Ape Yacht Club, Moonbirds, and Milady Maker.
Instagram: https://instagram.com/bitcoin.info.9/ (Main) and https://instagram.com/bitcoin.info/ (Reserve).
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