The non-fungible token (NFT) market has jumped to a total value of over $9.3 billion, fuelled by rising Ethereum prices and strong demand for ETH-based collections.
Figures from NFT data tracker NFT Price Floor show that market capitalisation for NFT collections rose 40% from July’s $6.6 billion, according to DappRadar.
Ethereum (ETH) has been a key driver of the surge. The cryptocurrency recently broke above $4,000 and is now trading above $4,600, with a market cap of over $557 billion, according to CoinGecko.
Because most NFTs are built on the Ethereum network and priced in ETH, the bullish momentum has translated into higher valuations and trading activity. The top 10 NFT collections by market cap are all Ethereum-based.
CryptoPunks Leads the Pack
CryptoPunks remains the most valuable NFT collection, worth at least 526,900 ETH — around $2.4 billion. Over the past week, the collection saw nearly 4,200 ETH in trading volume, or about $20 million, with 90 NFTs sold at an average price of $217,331 each.
Related: CryptoPunks and Pudgy Penguins Lead NFT Sales
BAYC and Pudgy Penguins Battle for Second Place
The Bored Ape Yacht Club (BAYC) follows with a market cap of $602 million, closely trailed by Pudgy Penguins at $591 million.
While BAYC edges out Pudgy Penguins in valuation, it trails in trading activity. Data from DeFiLlama shows that Pudgy Penguins recorded $8.7 million in seven-day volume, compared to BAYC’s $6.3 million.
Pudgy Penguins CEO Luca Schnetzler — better known as Luca Netz — credited the brand’s move into physical toys in 2022 with saving the company from bankruptcy. Since then, the collection has grown into a major player in the NFT space.
Corporate Interest in NFTs Continues
This week, blockchain company BTCS Inc. revealed it had added three Pudgy Penguins to its corporate treasury, underscoring growing institutional interest in NFT assets.
