The NFT market reinvigorated itself on Monday, experiencing a jump of over 20% in a single day as its total market capitalization rose from $5.1 billion to $6.3 billion. After months of stagnation, a renewed interest in Ethereum-based collections appears to be driving this sudden revival.
CryptoPunks Sweep Ignites Ethereum NFT Rally
A major catalyst emerged in the form of a high-profile CryptoPunk sweep. According to on-chain data from Lookonchain, a newly created wallet, 0x1bb3, spent 2,082 ETH, or about $5.87 million, to purchase 45 CryptoPunk NFTs within hours. The transaction illuminated OpenSea, and the wallet now holds assets valued at over 1,700 ETH, or roughly $6.5 million, there.
The rally was led by CryptoPunks, with floor prices climbing 14% from the previous day to $175,320. This surge pushed the project to the top of the 24-hour sales leaderboard, clocking in over $14.7 million in volume, according to CryptoSlam. That marked a staggering 11,143% increase in daily sales.
Other Ethereum collections followed suit.Moonbirds recorded a 31.1% gain, while Pudgy Penguins rose 2.7%. Bored Ape Yacht Club saw a 6.9% increase, and niche collections like Infynex Patron gained 9.4%.
Ethereum retained its dominance by a wide margin, notching $32 million in NFT sales over 24 hours, which represented a 339% spike. Solana, Bitcoin, and BNB Chain trailed, each generating between $1.3 million and $2.1 million in sales, as data from CryptoSlam showed.
A sharp increase in wallet activity and a visible uptick in both buyer and seller participation coincides with the rise in activity. Ethereum alone saw over 5,400 buyers and 6,000 sellers across NFT marketplaces within the same period.
While it remains unclear whether this momentum will sustain, the sharp uptick shows how quickly sentiment can shift in the NFT space. The market had mired itself in sluggishness for months, with volumes declining and floor prices softening across major collections. While Ethereum-based collections surged, others like Immutable and Polygon recorded smaller gains or minor dips, showing Ethereum’s ongoing lead in high-value NFT transactions.
