NFT Market Cap Soars to $9.3B as Ether Rally Lifts Ethereum-Based Collections

The NFT market is on a tear, surging 40% since July, as Ether’s price climbs past $4,600, fueling demand and valuations for Ethereum-based collections.

• NFT market cap reached $9.3B, up from $6.6B in July, per NFT Price Floor and DappRadar.
• ETH’s surge above $4,600 has driven higher NFT valuations, with all top 10 collections being Ethereum-based.
• CryptoPunks remains the most valuable collection at ~$2.4B, followed by BAYC and Pudgy Penguins.
• Pudgy Penguins tops weekly trading volume at $8.7M, beating BAYC’s $6.3M.
• Top 10 also includes Art Blocks’ Chromie Squiggle, Autoglyphs, Fidenza, Lil Pudgys, MAYC, Moonbirds, and Milady Maker.

The NFT sector has seen a dramatic rise in market capitalization, now topping $9.3 billion – a 40% increase since July’s $6.6 billion valuation. Data from NFT Price Floor and DappRadar show that Ethereum-based collections have led the charge, riding the wave of ETH’s price rally.

Ether recently broke the $4,000 mark and is trading above $4,600, with a market cap exceeding $557 billion, according to CoinGecko. Because most NFTs are minted on Ethereum and priced in ETH, the token’s bullish momentum has translated directly into higher NFT valuations and stronger market activity.

At present, all of the top 10 NFT collections by market cap are Ethereum-based. Leading the list is CryptoPunks, valued at about 526,900 ETH ($2.4 billion). In the past week alone, CryptoPunks recorded nearly 4,200 ETH in trading volume ($20 million) from 90 sales, averaging $217,331 per NFT.

The Bored Ape Yacht Club (BAYC) ranks second with a valuation of $602 million, followed closely by Pudgy Penguins at $591 million. While BAYC retains the valuation edge, Pudgy Penguins leads in recent trading activity – with $8.7 million in weekly volume compared to BAYC’s $6.3 million. Pudgy Penguins’ CEO Luca Netz credits the brand’s physical toy expansion for saving it from bankruptcy in 2022, helping it become a blue-chip contender in the NFT space. This week, blockchain firm BTCS Inc. even added three Pudgy Penguins to its corporate treasury.

Other top collections rounding out the top 10 include Art Block’s Chromie Squiggle by Snowfro, Autoglyphs, Fidenza by Tyler Hobbs, Lil Pudgys, Mutant Ape Yacht Club (MAYC), Moonbirds, and Milady Maker.

Final Thought

Fueled by Ether’s rally, the NFT market is showing renewed strength, with Ethereum-based blue chips leading the charge. If ETH’s momentum continues, NFT valuations and trading activity could see even bigger highs in the coming months.