NFT Market Growth Exceeds $9.3 Billion Amid Ethereum Price Surge

The non-fungible token market has reached a capitalization of over $9.3 billion thanks to rising Ethereum prices and demand for collections hosted on the main blockchain network. According to nftpricefloor, this is 40% higher than in July, when DappRadar estimated capitalization at $6.6 billion.

ETH Drives NFT Performance

Ethereum (ETH) recently broke through the $4,000 mark and is trading above $4,600, with a market capitalization of over $566 billion, according to CoinMarketCap. Since most popular NFTs run on the Ethereum network, the cryptocurrency’s price growth automatically boosts their market value and trading activity. At the time of publication, all of the top 10 collections by capitalization were launched on this blockchain.

CryptoPunks Retains the Lead

CryptoPunks remains the largest collection by capitalization at no less than 524,685 ETH, or around $2.4 billion. Over the past 7 days, sales volume reached nearly 5,169 ETH (around $20 million) across 90 transactions, with an average price of $217,331 per token.

BAYC and Pudgy Penguins Compete for Second Place

Bored Ape Yacht Club (BAYC) is valued at $608 million, while Pudgy Penguins stands at $600 million. However, by weekly trading volume, Pudgy Penguins is ahead of BAYC with $8.7 million versus $6.3 million, according to DefiLlama.

Pudgy Penguins’ CEO and owner Luca Schnetzler (also known as Luca Netz) noted in an interview that expanding the brand into the physical toys segment saved the project from bankruptcy in 2022. Since then, the collection has been competing with the largest NFT “blue chips.” This week, BTCS Inc. added three Pudgy Penguins to its corporate treasury portfolio.

Top 10 Collections by Capitalization

In addition to the ones mentioned, the top 10 also include Chromie Squiggle by Snowfro, Autoglyphs, Fidenza by Tyler Hobbs, Lil Pudgys, Mutant Ape Yacht Club, Moonbirds, and Milady Maker.

This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.