As Ethereum-based collectibles and the price of Ether rise together, the market capitalization of the non-fungible token (NFT) sector has soared to over $9.3 billion.
NFT data tracking platform NFT Price Floor reported on Wednesday that the overall market capitalization of NFT collectibles has reached $9.3 billion, a 40% increase since July. According to DappRadar data, the market capitalization of NFTs last month was $6.6 billion.
The recent breakthrough of Ether (ETH) surpassing the $4,000 milestone has been a key driving force behind the surge in the NFT market. As of the time of writing, ETH is trading at over $4,600, with a market capitalization exceeding $557 billion, according to CoinGecko data.
Since many NFTs are based on the Ethereum mainnet, their sales and valuations are priced in ETH. Therefore, the bullish momentum of this cryptocurrency translates into higher market value and increased activity in the NFT space. As of the time of writing, all top 10 NFT assets by market capitalization are based on Ethereum.
CryptoPunks maintains its position as the top NFT collectible by market capitalization. NFT Price Floor data shows that this collection is valued at a minimum of 526,900 ETH (approximately $2.4 billion).
In the past seven days, the trading volume of CryptoPunks has approached 4,200 ETH, valued at nearly $20 million. This week, there were a total of 90 transactions for this collection, with an average price of $217,331 per NFT.
The Bored Ape Yacht Club (BAYC) follows closely behind CryptoPunks in the rankings, with a valuation of $602 million, while Pudgy Penguins comes next with a valuation of $591 million.
Despite BAYC leading in valuation, the Pudgy Penguins collection surpassed BAYC in trading volume over the past week. DefiLlama data shows that Pudgy Penguins had a trading volume of $8.7 million in the past week, compared to BAYC's $6.3 million.
In an interview with Cointelegraph, Pudgy Penguins CEO and owner Luca Schnetzler (better known as Luca Netz) stated that the collection's expansion into physical toy brands saved the company from bankruptcy in 2022.
Since then, the collection has been a leading NFT brand, competing with other blue-chip collectibles.
This week, blockchain company BTCS Inc. announced that it has added three Pudgy Penguins to its corporate treasury.
In addition to these three collectibles, other NFT collections in the top 10 by market capitalization include Art Block's Chromie Squiggle by Snowfro, Autoglyphs, Fidenza by Tyler Hobbs, Lil Pudgys, Mutant Ape Yacht Club (MAYC), Moonbirds, and Milady Maker.
Related: A16z Crypto and advocacy groups call on the SEC to provide a safe harbor for NFTs and DeFi applications.
Original article: “Driven by Ethereum (ETH) Surge, NFT Sector Market Cap Reaches $9.3 Billion”
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