Are NFTs Making a Comeback? Market Cap Rises Above $28.4B with Price Rallies in CryptoPunks and Bored Ape Yacht Club

The NFT market, which peaked in 2021, is experiencing a resurgence as market capitalization surpasses $28.4 billion. Driven by a rise in Ethereum prices, notable NFT collections like CryptoPunks and Bored Ape Yacht Club are witnessing increased valuations.

Key Takeaways

The NFT market capitalization has exceeded $28.4 billion, marking a 40% increase since July.
Ethereum's price surge, recently over $4,700, is a key factor driving this growth.
Popular NFT collections include CryptoPunks with a market cap of $2.4 billion and Bored Ape Yacht Club (BAYC).
The Pudgy Penguins collection recently outperformed BAYC in weekly trading volume, amassing $8.7 million compared to BAYC's $6.3 million.
July recorded NFT sales of $574 million, marking a substantial recovery and reflecting a shift towards higher-value assets.

Main Content

NFTs saw a remarkable surge in popularity during 2021 before their value significantly decreased. However, recent months indicate a revival, with Ethereum’s rise in price contributing to a market capitalization now exceeding $28.4 billion. Data from CoinMarketCap highlights a 40% increase in the NFT market since July.

This resurgence is primarily linked to a recent spike in Ethereum’s value, which has surpassed $4,700. As a result, numerous Ethereum-based NFT collections are seeing their worth increase as well. Since NFT prices are often expressed in ETH, the rise of Ethereum's value positively impacts these collections.

Among the standout collections, CryptoPunks continues to lead with a market cap of $2.4 billion. It is closely followed by Bored Ape Yacht Club (BAYC) and Pudgy Penguins. Interestingly, the Pudgy Penguins recently achieved a notable feat by surpassing BAYC in weekly sales volume, generating $8.7 million, while BAYC recorded $6.3 million.

This new price surge is giving many NFT owners the chance to recover their costs following a prolonged period of depreciation. It is likely that some will choose to sell the NFTs they acquired at the height of the 2021 boom.

The month of July saw an increase in NFT trading activity, with total sales amounting to $574 million, making it the second-highest monthly volume recorded in 2025 and a 47.6% increase compared to June. Although there was a modest dip in transaction numbers, with approximately 5 million transactions, the average sale price climbed to $113, marking a six-month high.

This trend indicates that buyers are focusing more on higher-value NFTs, aligning with the rising prices associated with Ethereum and fostering renewed confidence in the NFT market. The increased activity in July, with total sales reaching $574 million, shows that the sector is gaining traction again and perhaps shifting towards a preference for quality over quantity.

Ethereum remains the dominant force in the NFT market, as its strength continues to support a majority of trading activities, reflecting overall optimism for a market turnaround.