Ethereum Rally, Not an NFT Craze, Pushes the NFT Market Cap to $9.4 Billion
Main Idea
The NFT market cap surged 40% in July 2025 to $9.4 billion, primarily driven by Ethereum's price rally rather than renewed interest in NFTs.
Key Points
1. Ethereum's price rally, which nearly doubled since early July, is the main driver behind the NFT market cap surge.
2. Most NFTs are Ethereum-based and priced in ETH, making their valuations highly dependent on Ethereum's price movements.
3. CryptoPunks remains the top NFT collection by market cap, valued at approximately $2.4 billion, followed by Bored Ape Yacht Club (BAYC) at $602 million.
4. The top 10 NFT collections by market cap are all Ethereum-based, highlighting Ethereum's central role in the NFT ecosystem.
5. Ethereum's price surge above $4,600 has significantly impacted the NFT market, reinforcing the close relationship between ETH's value and NFT valuations.
Description
ETH’s rallying price is boosting the NFT market cap. NFT market cap surged 40% in July. Most NFTs are Ethereum-based and are priced in ETH. The NFT market capitalization has surged 40% since July, reaching a remarkable $9.4 billion at the time of writing, according to data from NFT Price Floor. But this isn’t a new NFT craze; analysts say the surge is almost entirely driven by the powerful rally in the price of Ethereum, which has reached almost 100% since the first week of July. New to NFTs? If...
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