The non-fungible token market has reached a $9.3 billion capitalization, marking a 40% increase from July’s $6.6 billion, fueled by Ethereum’s sharp price surge. According to NFT Price Floor, Ethereum recently crossed $4,000 and now trades above $4,600 with a $557 billion market cap, driving NFT valuations higher.
Since most NFTs are Ethereum-based and denominated in ETH, bullish momentum in the cryptocurrency directly translates into increased asset prices and sales activity. CryptoPunks remains the top collection with a $2.4 billion market cap, having generated $20 million in weekly volume from 90 sales averaging $217,331 each.
All of the top 10 NFT assets by market cap are Ethereum-based, reflecting the blockchain’s dominant role in the space. Analysts suggest that ETH’s strong performance could continue to bolster NFT market growth, especially as renewed investor interest flows into both collectibles and broader Web3 sectors.
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