Ethereum Rally Fuels NFT Market to $9.3 Billion

The NFT market has seen a significant surge in value, reaching $9.3 billion after experiencing a 40% increase since July.

This growth is largely attributed to Ethereum's price rally, which has lifted Ethereum-based collections. The majority of top NFT projects are denominated in Ethereum, directly benefiting from the cryptocurrency's momentum.

CryptoPunks remains the largest NFT collection by market cap at approximately $2.4 billion, followed closely by Bored Ape Yacht Club at $602 million and Pudgy Penguins at $591 million. All top 10 NFT collections operate on the Ethereum blockchain.