NFT Market Cap Soars to $9.3B as Ethereum’s Rally Ignites Digital Collectibles Boom

The NFT sector value exploded to over $9.3 billion, driven by Ethereum’s rapid price surge and renewed investor demand for top-tier collections.

The non-fungible token (NFT) market has surged to a staggering capitalization exceeding $9.3 billion, propelled by Ethereum-based collections rising alongside ETH’s strong performance.

According to NFT data platform NFT Price Floor, the total market capitalization for NFT collections reached $9.3 billion this Wednesday — a dramatic 40% increase from July’s figures. DappRadar data supports the trend, showing that NFTs had been valued at $6.6 billion just one month prior.

Ethereum’s breakout above the $4,000 threshold played a central role in this momentum. At the time of writing, ETH was trading above $4,600 with a market capitalization topping $557 billion, per CoinGecko. Since a large portion of NFTs operate on Ethereum’s mainnet and are priced in ETH, the crypto’s bullish trend directly elevates NFT valuations and trading activity. Notably, all top 10 NFT projects by market capitalization are Ethereum-based.

CryptoPunks remains the undisputed leader, with a floor valuation of at least 526,900 ETH (about $2.4 billion). Over the past seven days, the collection generated nearly 4,200 ETH in trading volume — approximately $20 million — from 90 sales, averaging $217,331 per NFT.

The Bored Ape Yacht Club (BAYC) ranks second at $602 million, closely followed by Pudgy Penguins at $591 million. Despite BAYC’s higher valuation, Pudgy Penguins outperformed in seven-day volume, hitting $8.7 million compared to BAYC’s $6.3 million, based on DefiLlama data.

In an interview with Cointelegraph, Pudgy Penguins’ CEO Luca Schnetzler (known as Luca Netz) credited the brand’s pivot into physical toys in 2022 with saving it from bankruptcy. Since then, the collection has evolved into a major NFT brand, holding its ground against other blue-chip projects.

This week, blockchain firm BTCS Inc. announced the acquisition of three Pudgy Penguins for its corporate treasury.

Other notable names in the top 10 include Art Blocks’ Chromie Squiggle by Snowfro, Autoglyphs, Fidenza by Tyler Hobbs, Lil Pudgys, Mutant Ape Yacht Club (MAYC), Moonbirds, and Milady Maker — each contributing to the swelling NFT market cap that’s up 40% since July.

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