A surge of activity has returned to the non-fungible token (NFT) market, with blue-chip collections like CryptoPunks and Pudgy Penguins experiencing significant gains. This resurgence is attributed to a renewed interest from investors, coinciding with a broader rally in the cryptocurrency market.
On Sunday, a massive "sweep" of blue-chip NFTs occurred, indicating a strong buying interest in these digital assets. CryptoPunks, the largest NFT collection by market capitalization, saw its floor price jump by 15.9%, climbing from 40.9 Ether (ETH) to 47.50 ETH, which is equivalent to over $179,000. Impressively, 83 CryptoPunks were acquired by new holders within a single day. This activity was partly fueled by a whale who purchased 45 CryptoPunk NFTs in a multi-million dollar transaction. Following this, the floor price for CryptoPunks settled around $175,000.
Pudgy Penguins, the second-largest NFT collection by market cap, also experienced a surge, with its floor price increasing by over 15% to 16.60 Ether, or $62,597. One hundred new holders joined the Pudgy Penguins community on Sunday, further demonstrating the renewed interest in these NFTs. An exchange, Cboe BZX, has filed for an ETF from Canary Capital that would hold PENGU, a token launched by the Pudgy Penguins, signaling a potential SEC review process for the fund's approval.
The broader NFT market has reflected this positive trend. The overall NFT market capitalization has increased by 21.2% in the last 24 hours, reaching over $6.34 billion. The total sales volume has also seen a substantial rise, increasing by 303% to $38.7 million. Weekly NFT trading volume across all blockchains has exceeded $140 million for the first time since January, suggesting a possible revival in the digital asset class. Ethereum's NFT trade volume has risen over 300% in the past two weeks. Over the past week, Ethereum NFTs have seen $75.0 million in trade volume, while Bitcoin-based NFTs have increased from $11.0 million to $25.6 million.
This resurgence marks a significant shift from earlier in the year. In the first quarter of 2025, NFT volumes had plunged by 61% to $1.5 billion. Last year was considered the market's worst year for NFT trading volume and sales since 2020, a period marked by volatility and rising token prices.
Speculation is growing that this recent surge indicates a potential comeback for the NFT market after a period of decline following the highs of the 2021 cycle. One NFT community member noted the change in atmosphere, commenting on social media about individuals declaring themselves as full-time Web3 advisors after purchasing NFTs.
However, it's important to note that the NFT landscape has seen changes. Yuga Labs, known for its Bored Ape Yacht Club collection, sold the intellectual property for Moonbirds, CryptoPunks, and Meebits to various buyers, focusing its efforts on its metaverse platform, Otherside.
