The NFT market has surged to a $9.3 billion market capitalization, marking a 40% increase since July, fueled by Ethereum’s climb above $4,600.
Data from NFT Price Floor shows the overall NFT market capitalization rose from $6.6 billion in July to $9.3 billion this week. The surge coincides with Ethereum’s bullish momentum, as ETH traded at $4,697 at the time of reporting, giving it a market cap of $557 billion.
Because most leading NFT collections are built on the Ethereum mainnet, their valuations are tied to ETH’s price movements. As ETH rallies, NFT floor prices and overall market value tend to follow suit. All of the top 10 NFT assets by market capitalization are Ethereum-based.
CryptoPunks Leads NFT Rankings
CryptoPunks remains the most valuable NFT collection, with a floor market cap of 526,900 ETH (~$2.4 billion). In the past week alone, the collection recorded nearly 4,200 ETH in trading volume (~$20 million) across 90 sales, averaging $217,331 per NFT.
Bored Ape Yacht Club (BAYC) ranks second with a valuation of $602 million, while Pudgy Penguins follows closely at $591 million. Despite BAYC’s higher valuation, Pudgy Penguins outperformed in weekly trading volume, generating $8.7 million compared to BAYC’s $6.3 million, according to DefiLlama.
Pudgy Penguins’ rise comes after its transformation into a physical toy brand in 2022, which CEO Luca Netz says saved the project from bankruptcy. The collection continues to expand its presence, with blockchain firm BTCS Inc. recently adding three Pudgy Penguins NFTs to its corporate treasury.
Blue-Chip NFTs Dominate
Other top NFT collections by market capitalization include:
- Art Blocks’ Chromie Squiggle by Snowfro
- Autoglyphs
- Fidenza by Tyler Hobbs
- Lil Pudgys
- Mutant Ape Yacht Club (MAYC)
- Moonbirds
- Milady Maker
With Ethereum approaching its all-time high and institutional adoption of ETH growing, NFT market valuations could see further upside in the months ahead.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.