NFT market cap surges 21% overnight to $6.3B as CryptoPunks lead revival

The NFT market staged a dramatic comeback on Monday, registering a 21% surge in total market capitalization, which jumped from $5.1 billion to $6.3 billion in just one day. After months of sluggish performance, this sudden spike has caught the attention of collectors, traders, and analysts alike.

A major catalyst behind the surge was a high-profile buying spree involving CryptoPunks, one of Ethereum’s most iconic NFT collections. According to data from Lookonchain, a newly created wallet labeled 0x1bb3 spent 2,082 ETH, equivalent to $5.87 million, to purchase 45 CryptoPunks in just a few hours.

The wallet’s activity lit up marketplaces like OpenSea, with the newly acquired NFT portfolio now valued at over 1,700 ETH or roughly $6.5 million. This aggressive acquisition spree helped send CryptoPunks’ floor price soaring by 14% to $175,320, propelling it to the top of the 24-hour sales leaderboard with $14.7 million in volume, a staggering 11,143% increase, per CryptoSlam.

Ethereum blue-chips lead the charge

The impact of the CryptoPunks sweep rippled across other Ethereum-based collections. Notable gainers included Moonbirds, which jumped 31.1%, Pudgy Penguins with a 2.7% increase, and Bored Ape Yacht Club, up 6.9%. Even niche projects like Infynex Patron climbed 9.4%, reflecting a broader rotation of capital into high-value NFTs.

This surge suggests a potential shift in sentiment, as investors appear to be reallocating funds back into NFTs, particularly those tied to Ethereum, long considered the industry’s dominant chain for digital collectibles.

Ethereum sales skyrocket as dominance grows

Ethereum maintained a clear lead, recording over $32 million in NFT sales in 24 hours a 339% increase. Competing blockchains like Solana, Bitcoin, and BNB Chain followed at a distance, each logging between $1.3 million and $2.1 million in trading volume, according to CryptoSlam.

Market activity also spiked across the board, with 5,400+ buyers and 6,000+ sellers participating in Ethereum NFT marketplaces during the same period. In contrast, Immutable and Polygon recorded smaller gains or slight declines, underscoring Ethereum’s continuing dominance in the premium NFT space.

Sentiment turns — But will it last?

The dramatic market upswing has revived optimism, though questions remain about whether this momentum will hold. For months, the NFT sector faced falling volumes and weakening floor prices, prompting concerns about the long-term viability of high-value collections.

Still, the resilience of CryptoPunks especially their role in leading this surge — underscores the enduring appeal of culturally significant assets, particularly when backed by major investor interest.

While this week’s rally could signal a broader NFT market recovery, analysts caution that the space remains highly volatile and closely tied to broader crypto trends.