NFT Market Cap Surges to $9.3B on ETH Rally

Most top NFT projects are denominated in Ethereum, directly benefiting from the cryptocurrency’s momentum.

The NFT market capitalization reached $9.3 billion, marking a 40% increase since July as Ethereum’s price surge lifted Ethereum-based collections. Most top NFT projects are denominated in Ethereum, directly benefiting from the cryptocurrency’s momentum.

CryptoPunks maintains its position as the largest NFT collection by market cap at approximately $2.4 billion, followed by Bored Ape Yacht Club at $602 million and Pudgy Penguins at $591 million. All top 10 NFT collections by market cap operate on the Ethereum blockchain.

Pudgy Penguins leads recent trading activity with $8.7 million in seven-day volume, surpassing BAYC’s $6.3 million. The collection has successfully expanded beyond digital assets into physical toys, helping establish itself as a leading NFT brand.

Corporate adoption continues as blockchain company BTCS Inc. added three Pudgy Penguins NFTs to its treasury this week. The move reflects growing institutional interest in blue-chip NFT collections as alternative treasury assets alongside traditional cryptocurrencies.