The non-fungible token (NFT) market has shown significant growth, reaching a capitalization of over $9.3 billion. This is related to rising Ethereum prices and activity in the segment.
Key Facts about NFT Market Growth
According to NFT Price Floor data, the capitalization of NFT collections hit $9.3 billion, a 40% increase compared to July when it was $6.6 billion. The rise in Ether (ETH) prices, which recently surpassed $4,000, played a key role in this increase. Currently, ETH is trading above $4,600 with a market cap of over $557 billion.
CryptoPunks Remains in the Lead
CryptoPunks continues to hold its position as the most valuable NFT collection with a valuation of at least 526,900 ETH (approximately $2.4 billion). In the last week, the collection recorded a volume of nearly 4,200 ETH, worth almost $20 million with 90 sales, averaging at $217,331 per NFT.
Sales Dynamics of Pudgy Penguins
While BAYC ranks highly in valuation, the Pudgy Penguins collection outperforms BAYC in terms of weekly sales volume at $8.7 million compared to BAYC's $6.3 million. Pudgy Penguins CEO Luca Schnetzler stated that the collection's expansion into a physical toy brand saved the company from bankruptcy in 2022, and since then, the collection has become a leading NFT brand.
The 40% increase in NFT market capitalization indicates a sustained interest in this segment, particularly in collections such as CryptoPunks and Pudgy Penguins, which continue to attract the attention of investors and buyers.
