NFT Market Witnesses Massive Surge as Ethereum Collections Lead the Comeback

The NFT market roared to life on Monday, jumping more than 20% in a single day, with total market cap rising from $5.1b to $6.3b. After months of stagnation, renewed interest in Ethereum-based collections appears to be driving the sudden revival.

CryptoPunks Sweep Triggers Ethereum NFT Rally

A major catalyst came in the form of a high-profile CryptoPunk sweep. According to on-chain data from Lookonchain, a newly created wallet, 0x1bb3, spent 2,082 ETH, or about $5.87m, to purchase 45 CryptoPunk NFTs within hours. The transaction lit up OpenSea, where the wallet now holds assets valued at over 1,700 ETH, or roughly $6.5m.

CryptoPunks led the rally, with floor prices climbing 14% from the previous day to $175,320. This surge pushed the project to the top of the 24-hour sales leaderboard, clocking in over $14.7m in volume, according to CryptoSlam. That marked a staggering 11,143% increase in daily sales.

Other Ethereum collections followed suit. Moonbirds recorded a 31.1% gain, while Pudgy Penguins rose 2.7%. Bored Ape Yacht Club saw a 6.9% increase, and niche collections like Infynex Patron gained 9.4%.

Ethereum retained its dominance by a wide margin, notching $32m in NFT sales over 24 hours, a 339% spike. Solana, Bitcoin and BNB Chain trailed, each generating between $1.3m and $2.1m in sales, data from CryptoSlam showed.

The rise in activity coincides with a sharp increase in wallet activity and a visible uptick in both buyer and seller participation. Ethereum alone saw over 5,400 buyers and 6,000 sellers across NFT marketplaces within the same period.

While it remains unclear whether this momentum will sustain, the sharp uptick shows how quickly sentiment can shift in the NFT space. The market had been mired in sluggishness for months, with volumes declining and floor prices softening across major collections. While Ethereum-based collections surged, others like Immutable and Polygon recorded smaller gains or minor dips, showing Ethereum’s ongoing lead in high-value NFT transactions.

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