NFT Market Surpasses $2B Mark as Blue-Chip Collections Soar
The NFT market has reached a milestone of $2 billion in combined market capitalization for the first time since early Q1, according to recent data. This marks a 54% increase in just one month, despite a decline in participation.
Blue-chip collections such as Bored Ape Yacht Club and Pudgy Penguins have driven this surge, with Bored Ape floors up 81% over the past 30 days and Pudgy Penguins pushing above 5 Ethereum (ETH). Pudgy Penguins has gained more than 20% on the week.
However, CryptoSlam figures show a decline in global NFT sales to $175 million in April from $304 million in February, with active users and total transactions down by nearly half. The TON blockchain pulled $39.8 million in NFT trading volume in March, edging out Ethereum at $35.9 million.
The rally is partly attributed to broader crypto strength, with ETH and Bitcoin (BTC) each up roughly 18% over the past month. Analysts caution that wash trading still represents about half of total NFT volume, and aggregate trading profits remain negative.