The non-fungible token (NFT) sector has experienced a remarkable surge, reaching a market capitalization of over $9.3 billion. This growth is closely linked with the rising price of Ether (ETH), the cryptocurrency that powers many NFT transactions. As Ethereum-based collections grow in popularity, the NFT market has seen a substantial increase in value.
According to NFT Price Floor, the NFT market cap reached $9.3 billion as of Wednesday, marking a 40% increase since July. This is a significant jump from the $6.6 billion market cap reported last month, as per DappRadar data.
Ether’s upward trajectory has played a crucial role in this growth. Recently surpassing the $4,000 mark, ETH was trading above $4,600 at the time of writing, with a market cap exceeding $557 billion, according to CoinGecko. Since many NFTs are transacted using Ethereum’s mainnet, the bullish momentum in ETH translates into higher valuations and increased activity within the NFT domain. Notably, the top 10 NFT assets by market capitalization are all Ethereum-based.
Top 10 NFTs by market capitalization. Source: NFT Price Floor
NFT Market Cap Has Surged 40% Since July
Leading the charge in the NFT space is CryptoPunks, which retains its position as the top NFT collection by market capitalization. NFT Price Floor data reveals that the collection is valued at a minimum of 526,900 ETH, equivalent to approximately $2.4 billion.
In the past week, CryptoPunks recorded a trading volume of nearly 4,200 ETH, translating to almost $20 million. The collection saw 90 sales within the week, with each NFT averaging a price of $217,331.
Top NFT collections by seven-day volume. Source: DefiLlama
The Bored Ape Yacht Club (BAYC) follows CryptoPunks in terms of market valuation, with a worth of $602 million. Close on its heels is the Pudgy Penguins collection, valued at $591 million.
Pudgy Penguins Added to a Crypto Treasury
Despite BAYC’s higher valuation, the Pudgy Penguins collection has outpaced it in seven-day trading volume. DefiLlama data indicates that Pudgy Penguins achieved a volume of $8.7 million over the past week, compared to BAYC’s $6.3 million.
In an interview with Cointelegraph, Pudgy Penguins CEO and owner Luca Schnetzler, also known as Luca Netz, explained that the collection’s expansion into a physical toy brand in 2022 was pivotal in averting bankruptcy. Since this strategic move, Pudgy Penguins has emerged as a leading NFT brand, standing alongside other prestigious collections.
This week, blockchain company BTCS Inc. announced the addition of three Pudgy Penguins to its corporate treasury, further cementing the collection’s status in the NFT market.
Source: Pudgy Penguins
Aside from these collections, other top 10 NFT collections by market cap include Art Block’s Chromie Squiggle by Snowfro, Autoglyphs, Fidenza by Tyler Hobbs, Lil Pudgys, Mutant Ape Yacht Club (MAYC), Moonbirds, and Milady Maker.
For more details, visit the source: Cointelegraph
