The market value of the non-fungible token (NFT) sector has risen to over 9.3 billion dollars, driven by a significant recovery in Ethereum-based collections and the rise in Ether's price.
According to data from NFT Price Floor, the total value of NFT collections increased by about 40% compared to July, reaching 6.6 billion dollars according to DappRadar data.
Ethereum is the main engine
The rise of Ether has had a clear impact on the market, as its value recently exceeded 4,000 dollars, reaching over 4,600 dollars at the time of writing with a market value exceeding 557 billion dollars, according to CoinGecko data.
Since most NFT collections are built on the Ethereum network, the rise in Ethereum's price automatically increases the valuations of these assets and boosts trading activity.
Dominance of major collections
CryptoPunks maintains market leadership, with a market value of about 526,900 ETH (approximately 2.4 billion dollars), recording a weekly trading volume of about 4,200 ETH (around 20 million dollars) distributed over 90 sales with an average exceeding 217 thousand dollars per piece.
In second place is Bored Ape Yacht Club (BAYC) with a market value of about 602 million dollars, followed by Pudgy Penguins with a value of nearly 592 million dollars.
Pudgy Penguins outperform in trading
Although BAYC outperforms in value, Pudgy Penguins topped the weekly trading volume, with transactions reaching 8.7 million dollars compared to 6.3 million dollars for BAYC, according to DefiLlama data.
The group’s CEO, Luca Netz, explained in an interview with Cointelegraph that their entry into the world of tangible dolls in 2022 saved the project from bankruptcy, allowing it to become a landmark in the NFT market.
Recently, BTCS Inc. announced the addition of three Pudgy Penguins tokens to its institutional portfolio.
Top 10 collections by market value
Mutant Ape Yacht Club
Lil Pudgys
Milady Maker
Moonbirds
Art Blocks
Chromie Squiggle by Snowfro
Fidenza by Tyler Hobbs
Autoglyphs
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