The NFT market cap has reached $9.3 billion, a 40% increase since July, as ETH surpasses $4,600.
The Ethereum-based collections surged in tandem with the price of Ether, resulting in a market capitalization of over $9.3 billion for the non-fungible token (NFT) sector.
On Wednesday, the NFT Price Floor, a data tracker for NFT collections, reported that the aggregate market capitalization for NFT collections has reached $9.3 billion, a 40% increase from its value in July. Last month, the market capitalization of NFTs was $6.6 billion, as per DappRadar data.
Ether, which recently moved past the $4,000 milestone, has been a key driver behind the NFT market surge. According to CoinGecko, ETH has a market capitalization of over $557 billion and is currently trading above $4,600 at the time of writing.
Because numerous NFTs are founded on the Ethereum mainnet, their sales and valuations are reported in ETH. This is why the crypto asset’s bullish momentum frequently results in increased market values and activity in the NFT space.
Ethereum-based assets comprise the top ten NFT assets by market capitalization at the time of this writing.
Since July, the market capitalization of NFTs has increased by 40%.
CryptoPunks continues to be the most valuable NFT collection in terms of market capitalization. NFT Price Floor data shows the collection is worth at least 526,900 ETH (about $2.4 billion).
CryptoPunks’ volume in the past seven days was nearly 4,200 ETH, equivalent to almost $20 million. The collection achieved 90 weekly transactions, with an average per NFT.
CryptoPunks is followed in the rankings by the Bored Ape Yacht Club (BAYC), which is valued at $602 million. Pudgy Penguins is closely behind, with a valuation of $591 million.
Pudgy penguins have been incorporated into a cryptocurrency treasury.
Nevertheless, the Pudgy Penguins collection surpasses BAYC in terms of seven-day volume, even though BAYC holds the lead in valuation.
According to DefiLlama data, the Pudgy Penguins had a volume of $8.7 million the previous week, while BAYC had $6.3 million.
In 2022, the company was rescued from bankruptcy by the collection’s expansion into a physical toy brand, according to Luca Schnetzler (better known as Luca Netz), CEO and owner of Pudgy Penguins, in a Cointelegraph interview.
Subsequently, the collection has emerged as a prominent NFT brand, competing with other prestigious collections.
BTCS Inc., a blockchain corporation, announced this week that it has incorporated three Pudgy Penguins into its corporate treasury.
Art Block’s Chromie Squiggle by Snowfro, Autoglyphs, Fidenza by Tyler Hobbs, Lil Pudgys, Mutant Ape Yacht Club (MAYC), Moonbirds, and Milady Maker are among the top 10 NFT collections by market cap, in addition to the three noted above.
