NFT market cap hits $9.3B, fueled by Ether surge

4 days ago

The non-fungible token (NFT) assemblage surged to a marketplace capitalization of much than $9.3 cardinal arsenic Ethereum-based collections accrued on with the terms of Ether.

NFT information tracker NFT Price Floor showed connected Wednesday that the wide marketplace capitalization for NFT collections had deed $9.3 billion, a 40% uptick from July. According to DappRadar data, NFTs had a marketplace capitalization of $6.6 billion past month.

Ether (ETH), which precocious pushed past the $4,000 milestone, has been a cardinal operator down the NFT marketplace surge. At the clip of writing, ETH traded supra $4,600 and had a marketplace capitalization of implicit $557 billion, according to CoinGecko.

Since galore NFTs are based connected the Ethereum mainnet, their income and valuations are denominated successful ETH. Because of this, bullish momentum of the crypto plus translates into higher marketplace values and accrued activity successful the NFT space. At the clip of writing, the apical 10 NFT assets by marketplace headdress were Ethereum-based.

NFT marketplace headdress has surged 40% since July

CryptoPunks retains its spot arsenic the top NFT collection by marketplace capitalization. NFT Price Floor information shows that the postulation is worthy astatine slightest 526,900 ETH (about $2.4 billion).

In the past 7 days, CryptoPunks had astir 4,200 ETH successful volume, worthy astir $20 million. During the week, the postulation had 90 full sales, averaging astatine $217,331 per NFT.

The Bored Ape Yacht Club (BAYC) follows CryptoPunks successful the rankings with a valuation of $602 million, portion Pudgy Penguins follows intimately with $591 million.

Pudgy Penguins added to a crypto treasury

Still, portion BAYC leads successful valuation, the Pudgy Penguins postulation tops BAYC successful presumption of seven-day volume. DefiLlama information suggests that Pudgy Penguins had a measurement of $8.7 cardinal successful the past week, portion BAYC had $6.3 million.

In a Cointelegraph interview, Pudgy Penguins CEO and proprietor Luca Schnetzler (better known arsenic Luca Netz) said the collection’s enlargement into a carnal artifact marque saved the institution from bankruptcy successful 2022.

Since then, the postulation has been a starring NFT brand, rivaling different blue-chip collections.

This week, blockchain institution BTCS Inc. said it added 3 Pudgy Penguins to its firm treasury.

Apart from the 3 collections, different apical 10 NFT collections by marketplace headdress see Art Block’s Chromie Squiggle by Snowfro, Autoglyphs, Fidenza by Tyler Hobbs, Lil Pudgys, Mutant Ape Yacht Club (MAYC), Moonbirds and Milady Maker.

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