Ethereum News Today: NFT Market Capitalization Surges 28% in One Day

The NFT market has experienced a significant resurgence, with its total market capitalization surging by 28% in a single day, rising from $5.1 billion to $6.6 billion. This marked the first time since early in the year that the market has shown such a dramatic increase in activity, with collectors and traders re-engaging with enthusiasm.

This revival is evident in the trading volume, which exceeded $140 million last week, the highest weekly tally since January. Platforms like OpenSea and Magic Eden are flooded with new orders, floor prices are increasing, and bid-ask spreads are narrowing. The liquidity that had previously felt scarce is now flowing freely, indicating a robust market recovery.

At the heart of this resurgence is a single influential player, often referred to as a "whale." This individual quietly acquired 76 CryptoPunks and over 35 Squiggles in a short period, sparking a buying frenzy that was widely tracked on-chain and discussed on social media. Screenshots of wallet transactions and celebratory posts about new acquisitions have become common on NFT social platforms.

Ethereum-based collections are leading the charge in this market revival. Weekly Ethereum NFT volume reached approximately $75 million, its strongest performance in over seven weeks. This surge has pushed ETH’s share of total NFT turnover comfortably above 50%. Blue-chip projects such as CryptoPunks, Bored Ape Yacht Club, Azuki, and Mutant Ape Yacht Club have all seen their floor prices edge higher, with CryptoPunks flirting with 60 ETH, Bored Ape Yacht Club hovering near 35 ETH, Azuki resting around 12 ETH, and Mutant Ape Yacht Club holding close to 17 ETH.

On-chain metrics also reflect this positive trend. The number of unique buyers and sellers has increased significantly, and the number of wallets interacting with NFT smart contracts has jumped by 22%. While Ethereum gas fees have risen modestly, Layer 1 chains like Polygon and Solana have also seen noticeable increases in activity, indicating healthier network dynamics overall.

The revival is not limited to established collections; new projects are also gaining traction. Generative-art mints are back in vogue, PFP drops are filling whitelist slots, and utility-focused tokens are offering staking rewards. Virtual land sales are resuming, and play-to-earn titles are integrating NFTs. Builders who had paused their roadmaps are now dusting off whitepapers and activating smart contracts, signaling a renewed interest in the NFT space.

Market-making bots have returned to refill order books, rarity-sniping contests have resumed, and gas wars are back in full swing. The NFT marketplace is once again buzzing with frenzied bids, flash trades, and the occasional glitch that keeps gas-war veterans on their toes.

Despite the positive momentum, volatility remains a factor. Snap corrections can follow these rallies, floor-price dumps can trigger margin liquidations, and the market is known for its unpredictability. Smart traders are keeping their stops tight, sizing positions sensibly, and reminding themselves to do their own research before chasing fast-moving trends.

The data and the renewed enthusiasm from both whales and retail participants suggest that the NFT market has awakened from its winter slumber. The next move in this dynamic market promises to be as dramatic as the last, leaving participants to decide whether to ride the wave higher or lock in profits. One thing is clear: the NFT market is alive again, and the future holds exciting possibilities.