Ethereum News Today: Ethereum-based NFTs Dominate Sales Rankings as ETH Price Surges 27%

Ethereum-based non-fungible tokens (NFTs) have secured nine out of the top 10 positions in the latest seven-day sales rankings by total sales volumes. This dominance coincides with the price of Ether (ETH) nearing the $4,000 mark. On Monday, ETH prices surged past $3,800, marking a nearly 27% increase from $3,000 on July 14. At the time of writing, ETH was trading at $3,815.13.

CryptoPunks, a prominent Ethereum-based NFT collection, led the week with a $15.5 million weekly sales record, representing an astonishing 11,736% jump from the previous week. This significant increase secured CryptoPunks' position as the top-performing collection by a wide margin. Following closely were Pudgy Penguins and Bored Ape Yacht Club (BAYC) collections, which recorded $2.69 million and $2.38 million in sales, respectively. BAYC experienced a 1,051% increase in sales, accompanied by a sharp rise in the number of buyers and sellers.

Data from DappRadar presented a slightly different narrative. While nine out of the 10 top collections on DappRadar were also Ethereum-based, Pudgy Penguins claimed the number one spot with a trading volume exceeding $20 million. In contrast, CryptoPunks recorded $17.6 million in trading volume. The average sales price of Pudgy Penguin NFTs climbed to nearly $50,000, reflecting a 52% increase from the previous week. Meanwhile, CryptoPunks' average sales price rose to $155,000, a 21% increase.

It is important to note the distinction between sales volumes and trading volumes. CryptoSlam measures sales volumes, which include both primary (minting) and secondary sales. In contrast, DappRadar measures trading volumes, encompassing all transaction data from decentralized applications (DApps).

Ethereum-based NFTs also dominate the market capitalization rankings. According to NFT Price Floor, nine out of the top 10 NFTs by market capitalization are Ethereum-based. CryptoPunks leads with a valuation of $1.8 billion, followed by Pudgy Penguins with a $556 million market cap, and BAYC with a valuation of nearly $500 million. The only non-Ethereum collection in the top 10 by market capitalization is the Solana-based NFT collection Mad Lads.

The broader NFT market has also seen significant growth, with a 21.2% increase in the last 24 hours, reaching $6.34 billion. This surge in Ethereum-based NFT sales and market capitalization indicates a strong interest and investment in the Ethereum ecosystem, particularly as ETH prices continue to rise. The dominance of Ethereum-based NFTs in both sales rankings and market capitalization highlights the platform's strength and appeal in the NFT space. As ETH prices approach the $4,000 mark, the Ethereum ecosystem continues to attract significant attention and investment, further solidifying its position as a leader in the NFT market.