NFT Market Surpasses $2 Billion as Blue-Chip Collections Rally

The NFT market has surpassed $2 billion in value for the first time since early Q1, according to recent data. This marks a significant increase of 54% over the past month, driven primarily by blue-chip collections such as Bored Ape Yacht Club and Pudgy Penguins.

Bored Ape Yacht Club floors have seen an impressive 81% surge in value over the last 30 days, while Pudgy Penguins has pushed above 5 Ethereum (ETH), gaining more than 20% on the week. However, despite this rally, global NFT sales fell to approximately $175 million in April from $304 million in February.

The combined NFT market cap remains well below its previous highs of over $15 billion, which were reached in 2021 and 2022. Analysts caution that wash trading still accounts for roughly half of total NFT volume, and aggregate trading profits remain negative. Some of the rally can be attributed to broader crypto strength, with ETH and Bitcoin (BTC) each up approximately 18% over the past month.