A high-value transaction by Ethereum whale wallet 0x1bb3 triggered widespread momentum across the non-fungible token (NFT) sector. The anonymous investor acquired a CryptoPunk NFT for $7.79 million, catalyzing an immediate 20% surge in global NFT market capitalization from $5.1 billion to $6.4 billion within 24 hours. The landmark purchase propelled CryptoPunks’ floor price upward by 15.9% to 47.5 ETH, equivalent to approximately $179,000 per NFT at current values.
The whale complemented this acquisition with a 60.5 ETH ($227,000) purchase of a Chromie Squiggle NFT, elevating their OpenSea portfolio valuation beyond 1,700 ETH ($6.5 million). This aggressive buying activity significantly boosted Ethereum-based NFT trading volumes, contributing to heightened platform activity across major marketplaces.
The NFT resurgence coincides with Ethereum’s substantial price appreciation, which saw a near 50% rally from $2,525 to $3,730 per token. This bullish momentum has driven renewed institutional and retail interest in NFTs, with Ethereum NFT volumes reaching their highest levels since mid-January amid the broader cryptocurrency market upturn.
Despite this momentum, the NFT market previously recorded an 18% year-over-year sales decline in 2024—its most significant contraction since 2021. Recent data reveals varied performance across networks: Bitcoin-based NFT volumes nearly doubled to $25.6 million in the past week, while Polygon NFTs experienced declines. Aggregate NFT trading volume across leading blockchains totaled $143.5 million during this period.