Due to the rise in Ethereum prices, Ethereum-supported NFT collections have driven the NFT market value to exceed $9.3 billion.
According to NFT data tracker NFT Price Floor, the total market capitalization of NFT collections currently reaches $9.3 billion, a 40% increase since July. According to DappRadar data, the NFT market capitalization last month was $6.6 billion.
Ethereum (ETH) is one of the key factors driving the growth of the NFT market. Currently, the price of ETH is over $4,600, with a market capitalization exceeding $557 billion.
Since many NFTs are based on the Ethereum mainnet, their sales and valuations are denominated in ETH. Therefore, the rise in crypto assets often drives increased activity and growth in the NFT market's market capitalization. As of now, all of the top ten NFT assets by market capitalization are based on Ethereum.
Since July, the NFT market capitalization has grown by 40%.
CryptoPunks remains the top NFT collection ranked by market capitalization. NFT Price Floor data shows it is valued at least 526,900 ETH (approximately $2.4 billion).
In the past seven days, CryptoPunks' trading volume approached 4,200 ETH, approximately $20 million, with an average price of $217,000 per NFT.
Bored Ape Yacht Club (BAYC) follows closely with $602 million, while Pudgy Penguins comes in at $591 million.
Pudgy Penguins joins the crypto portfolio.
Although BAYC leads in valuation, Pudgy Penguins surpassed BAYC in trading volume over the past week. According to DefiLlama data, Pudgy Penguins had a trading volume of $8.7 million in the past week, while BAYC had $6.3 million.
In an interview with Cointelegraph, Pudgy Penguins' CEO and owner Luca Schnetzler stated that the series' expansion into physical toy brands in 2022 saved the company from bankruptcy.
This week, blockchain company BTCS Inc. announced that its corporate treasury added three Pudgy Penguins.
