NFT Market Surges Past $2 Billion Amid Blue-Chip Rally

The NFT market has surpassed $2 billion in value for the first time since early Q1, according to recent data. This marks a 54% increase over the past month.

The rally is concentrated in blue-chip collections such as Bored Ape Yacht Club and Pudgy Penguins. The latter's price has risen by more than 20% this week alone, pushing above 5 Ethereum (ETH). Meanwhile, Bored Ape Yacht Club floors have seen an impressive 81% increase over the past 30 days.

However, despite these gains, global NFT sales have actually decreased to $175 million in April from $304 million in February. This represents a significant drop of nearly half in both active users and total transactions.