The NFT market cap has reached $9.3 billion, a significant increase of 40% since July, driven by the rise in Ethereum prices. As Ethereum, or ETH, surpassed $4,600, the value of Ethereum-based NFT collections surged. According to NFT data tracker NFT Price Floor, the market cap for NFTs has seen a notable uptick, directly correlating with ETH's recent bullish performance. Major NFT collections like CryptoPunks, now valued at around $2.4 billion, lead the market, followed by Bored Ape Yacht Club (BAYC) and Pudgy Penguins. While BAYC has a higher overall valuation, Pudgy Penguins has seen greater trading volume recently. This reflects the growing interest and investment in NFTs, which are largely dependent on the Ethereum blockchain, showcasing the direct relationship between cryptocurrency market movements and NFT market values.

Source 🔗