Is NFT Mania Coming Back? Sector Adds $1 Billion in a Day

NTFs are seeing what could be the start of a market revival as their market capitalization surges on the day.

The big move was observed by crypto analytics platform CoinGecko, which reported a market cap jump from $5.1 billion to $6 billion.

At the time of writing, NFT market capitalization had gained more than 20% over the past 24 hours and was at $6.3 billion, with a massive 287% spike in daily trading volume to $37.4 million, reported to CoinGecko.

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NFT sales have been in the doldrums since their peak in early 2022.

NFT Culture Revival?

The CryptoPunks collection was leading the charge with a 16% spike in floor price to 47.5 ETH, or around $179,000. According to CryptoSlam, the collection has seen more than $14 million in sales over the past 24 hours.

The second most popular NFT collection is Pudgy Penguins, which has seen a 15% spike in floor prices to 16.6 ETH, $5.7 million in daily volume, and $3.2 million in daily sales.

Other Ethereum-based NFTs, such as Infinex Patrons and Bored Ape Yacht Club, saw more than 9% increases in their floor prices and market caps.

Meanwhile, YOU THE REAL MVP, a private group of 420 Memeland NFTs, surged a whopping 1,280% with floor prices pumping to 69 ETH.

“NFTs are moving like there are NFT treasury vehicles on the horizon,” commented Blockworks co-founder Jason Yanowitz.

The resurgence could be correlated with Ethereum’s recent price pumps, suggested some collectors and experts.

Chairman of Animoca Brands Yat Siu observed that the last time ETH peaked in late 2021 was also “NFT season.” “If NFTs on ETH roar back, we will reach new ATH beyond the pure financial plays,” he added.

“NFTs are the backbone of the Ethereum cultural economy, much more than just financial, it’s about culture, status, and ultimately belonging.”

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Ethereum On A Rip

Ethereum prices have been on a tear lately, which is good news for NFTs priced in ETH. The asset has cranked 55% over the past month, waking up from months of slumber as corporate treasuries and institutional investment funds have been loading up.

ETH tapped its highest price since mid-December this weekend, reaching $3,814 before retreating slightly on Monday morning.