The NFT market is witnessing a significant revival, with its total market capitalization now reaching $9.3 billion on August 13. This sharp rise is largely attributed to the soaring fortunes of Ethereum (ETH), which has surged past $4,700, gaining over 9% in the past 24 hours.
Data from NFT Price Floor confirms that there is an upward momentum, with the market capitalization increasing 40% since July. DappRadar’s figures show the NFT market cap stood at $6.6 billion just last month.
The strong performance of the NFT market correlates with the rise in Ethereum’s value as most NFTs are denominated in ETH. Leading the way for NFTs are top collections like CryptoPunks which remains the highest-valued collection, with an estimated worth of around 526,900 ETH and m-cap of $2.4 billion, followed by Bored Ape Yatch Club (BAYC) at $601.7 million and Pudgy Penguins at $591 million.
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Interestingly, Pudgy Penguins outpaced BAYC in trading activity last week, posting $8.7 million in volume against BAYC’s $6.3 million. Pudgy Penguins boosted growth via physical products and community-driven strategy, adding to BTCS’s treasury. In late July, CryptoPunks collection recorded nearly 4,200 ETH in weekly trading volume, with average sale prices around $217,331 each.
The alignment between ETH’s price surge and NFT growth shows how closely digital collectibles are intertwined with broader crypto market dynamics.