Ethereum News Today: Ethereum Drives 300% NFT Volume Surge, Market Cap Jumps 22%

Ethereum has emerged as the driving force behind the recent rebound in the NFT market, with trading volumes reaching a six-month high. Over the past two weeks, Ethereum's NFT volume surged by 300%, reaching $75 million and accounting for over 50% of the total NFT trades. This significant increase in activity has positioned Ethereum as the dominant player in the NFT market, surpassing other blockchains such as Bitcoin and Immutable, which also saw gains but to a lesser extent.

The resurgence of Ethereum in the NFT market is not an isolated event but part of a broader trend of increased investor activity and market interest. A major transaction on Sunday afternoon, where a single buyer acquired 45 CryptoPunks, contributed significantly to this growth. This activity aligns with a steady increase in the price of ETH, which rose from $2,525 on July 6 to $3,730, marking a gain of nearly 50%. The renewed momentum within the NFT sector is further supported by the overall rise in crypto prices and increased whale activity, which has driven the total NFT market cap up by 22% in a single day to reach $6.4 billion.

While Ethereum's dominance is evident, other blockchains have also shown signs of recovery. Bitcoin NFTs, for instance, saw their volume climb from $11 million to $25.6 million over the past two weeks. Immutable, another blockchain, also recorded gains, though on a smaller scale. These increases, combined with Ethereum's surge, contributed to the overall $143.5 million in weekly NFT transactions, the highest level since January 2025.

However, not all blockchains have benefited from this market uptick. Polygon, for example, faced a slight decline in NFT trading activity despite the broader market recovery. This decline is notable as it contrasts with the gains seen by Ethereum and Bitcoin. Other chains, grouped together, showed steady but less pronounced growth, while BNB Chain remained relatively flat.

In addition to the market dynamics, there have been notable developments within the NFT ecosystem. Yuga Labs, known for the Bored Ape Yacht Club, restructured its assets by selling off its ownership in Moonbirds, Cryptopunks, and Meebits. The company has shifted its focus to its virtual platform, Otherside. Meanwhile, exchange Cboe BZX filed for an ETF tied to Pudgy Penguins’ token PENGU, indicating rising institutional activity and interest in NFTs. Pudgy Penguins ranked third in NFT volume last week, further highlighting the growing popularity of certain NFT collections.

The rebound in the NFT market, led by Ethereum, is a positive indicator for the broader crypto ecosystem. The increased activity and sales volumes suggest that the market is regaining confidence, which could bode well for Ethereum's future performance. As the market continues to evolve, Ethereum's leadership in the NFT space is likely to remain a critical factor in its overall success. The resurgence of NFTs, coupled with the rising interest in digital assets, positions Ethereum as a key player in the evolving landscape of blockchain technology.