The nft market is back in the spotlight after a shocking overnight rally saw its total market capitalization soar by 21%, reaching a staggering $6.3 billion. The dramatic surge, confirmed by real-time tracking data from CoinGecko and on-chain analytics by Lookonchain, has caught many analysts off guard and reignited debates around the future of digital collectibles.
NFT Market Sees Sudden Spike
According to CoinGecko’s latest figures, the total nft market cap jumped from around $5.2 billion to $6.3 billion in just 24 hours. Ethereum-based collections were the biggest winners, with trading volumes on Blur and OpenSea seeing renewed momentum. Notably, top collections such as Bored Ape Yacht Club (BAYC), Pudgy Penguins, and DeGods all recorded double-digit gains in both floor price and volume.
A tweet by Lookonchain confirmed the capital influx and noted that whale wallets had resumed bulk purchases of NFTs tied to established collections. This suggests growing institutional or high-net-worth interest returning to the space.
“Is this the start of the next NFT cycle? $6.3B market cap and growing,” tweeted @lookonchain.
Ethereum-Based Collections Drive Momentum
Ethereum remains the dominant chain in the nft market, with over 80% of the recent gains attributed to collections built on the network. The renewed interest in blue-chip NFTs is likely linked to broader altcoin gains, improved Layer-2 performance, and macro signals pointing to a risk-on environment in the crypto sector.
According to CoinGecko’s tweet, the top 5 gaining collections include:
- Pudgy Penguins: +29% floor price
- Milady Maker: +25%
- Azuki: +18%
- Bored Ape Yacht Club: +16%
- CloneX: +12%
Blur and OpenSea both reported a surge in user activity, with unique wallet interactions rising sharply over the past 24 hours.
What’s Behind the NFT Market Resurgence?
Multiple factors are contributing to the nft market recovery:
- Improved Ethereum gas fees and broader Layer-2 adoption, making NFT trading more cost-efficient.
- Renewed attention on digital identity and metaverse projects that rely heavily on NFTs.
- Speculation around a coming NFT ETF, which some market observers believe could follow the success of Bitcoin and Ethereum ETFs.
- Crypto legislation progress in the U.S., which is helping boost overall market sentiment.
Moreover, some analysts argue that after months of capitulation, the current bounce could represent the early stages of an NFT “echo cycle,” similar to the post-2018 recovery seen in the broader crypto market.
Market Sentiment: Bullish or Premature?
While the numbers are impressive, not everyone is convinced that this signals a long-term trend. Several analysts caution that the nft market remains highly speculative and correlated with broader risk sentiment.
Others, however, see signs of a broader shift. A spokesperson from Blur noted that recent whale behavior “indicates the smart money is repositioning for long-term NFT exposure,” while NFT influencer @NFTstats.eth tweeted that “we haven’t seen this kind of floor volume since early 2023.”
Final Thoughts: Is the NFT Market Back for Good?
The nft market may be staging one of its strongest comebacks in recent memory. With a 21% surge in market cap and growing activity on Ethereum-based collections, momentum seems to be building across the sector. Whether this is the beginning of a sustained bull run or just another temporary bounce remains to be seen.
What’s certain is that NFTs are back on everyone’s radar — and for now, the numbers speak for themselves.
