NFT Market Reaches $2 Billion Amid Blue-Chip Collection Surge

The NFT market has rebounded to cross $2 billion in value for the first time since early Q1, driven by blue-chip collections.

Bored Ape Yacht Club floors have surged 81% over the past 30 days, while Pudgy Penguins (PENGU) has pushed above 5 Ethereum (ETH), gaining more than 20% on the week.

However, CryptoSlam figures show global NFT sales fell to roughly $175 million in April from $304 million in February, with active users and total transactions both down by nearly half.

The rally is concentrated among top collections rather than spread across the market. Analysts caution that wash trading still represents about half of total NFT volume, and aggregate trading profits remain negative.