NFT Market Cap Surpasses $6 Billion Amid Crypto Rally

The non-fungible token (NFT) market is currently experiencing a resurgence, buoyed by a broader rally in the cryptocurrency sector. At present, the overall NFT market capitalization stands at $6.04 billion, reflecting a 16.9% increase over the last 24 hours and marking its highest point since early February, according to CoinGecko data. Recent data from CryptoSlam indicates that NFT sales volume skyrocketed by 154% to reach $41.4 million in the past day. A significant transaction was made by a whale identified by the address '0x1bb351…72d6', who purchased 45 CryptoPunks NFTs for over 2080 ETH, equating to approximately $7.8 million. As a result, the floor price for CryptoPunks increased by 15.9% in a single day, now standing at 47.5 ETH. Nick Ruck, director of LVRG Research, noted that the NFT markets are gaining traction due to a bullish sentiment and an increased risk appetite among investors, as Ethereum and various altcoins rise while Bitcoin remains stable. He remarked that traders are reassessing major NFT projects like CryptoPunks amid speculation that these assets are undervalued and may see a resurgence. Ruck speculated this current bull run could extend beyond previous short-term gains witnessed in the past year. However, Vincent Liu, CIO of Kronos Research, expressed caution, indicating that continued demand for NFTs will hinge on long-term activity from deeper wallets. Liu remarked, 'A whale's purchase of over 2,000 ETH in CryptoPunks signifies strength in premier NFTs and an increasing interest from high-conviction investors. This substantial liquidity influx may aid in redirecting focus back to top-tier crypto NFTs.' Min Jung from Presto Research highlighted the NFT market's alignment with the broader bullish sentiment in the cryptocurrency landscape, though she noted uncertainty regarding the impetus behind the surge in CryptoPunks activity. Jung reflected on the strong NFT season of 2021, claiming that investor interest is re-emerging cautiously after a period of dormancy, even amidst the recent surge in memecoin excitement. She added that the current activity is largely centered around established collections like CryptoPunks, suggesting we are still a ways from a vibrant NFT season with no new metas currently emerging. In the last 24 hours, Bitcoin gained 0.37% reaching $118,361, while Ethereum rose by 3% to trade at $3,759, according to The Block's price page. Disclaimer: The Block is an independent media outlet committed to delivering news, research, and data. As of November 2023, Foresight Ventures is the majority investor in The Block and also invests in other companies in the crypto space, with crypto exchange Bitget being an anchor limited partner. The Block operates autonomously to provide unbiased, impactful, and timely insights into the cryptocurrency industry. For our financial disclosures, please refer to our website. © 2025 The Block. All Rights Reserved. This article is strictly for informational purposes and should not be construed as legal, tax, investment, financial, or other advice.