NFT Market Surges Past $6B as Whale Sweeps 45 CryptoPunks, Is The Digital Collectibles Mania Back?

Looks like NFTs are rejoining the party. After a long cooldown, the non-fungible token market is showing signs of renewed energy, with total market capitalization climbing above the $6 billion mark for the first time in months.

This rebound comes amid a broader uptick in crypto market sentiment, though analysts suggest it’s still early days for a full-on NFT resurgence.

Whale activity pushes CryptoPunks to the forefront

According to CoinGecko, the NFT market cap currently sits at $6.69 billion, representing a 28.2% jump in just 24 hours, its highest point since February.

Alongside that, CryptoSlam data shows NFT trading volumes skyrocketed over 150% to $44.1 million over the same period. A big part of that boost? One deep-pocketed buyer dropped over 2,080 ETH (roughly $7.8 million) to acquire 45 CryptoPunks NFTs, per data from OpenSea.

The floor price for CryptoPunks has surged nearly 18% to 47.75 ETH, suggesting renewed interest in so-called "blue-chip" NFT projects.

“The NFT markets gain momentum from the bullish trend and increased risk-on sentiment,” said Nick Ruck of LVRG Research. “Traders are rotating back into legacy collections like CryptoPunks, speculating that we may be early in a longer bull run.”

Long-term appetite still in question

Vincent Liu, CIO at Kronos Research, viewed the whale activity as a signal of renewed interest among high-conviction buyers.

He emphasized that sustained growth will require more than just headline buys, deeper wallet activity will be the real test. “This sharp liquidity injection could help revive the premium NFT segment,” Liu said.

Meanwhile, Presto Research analyst Min Jung noted that while investor interest is ticking up, it’s mostly centered around older collections rather than new projects.

“There’s no clear new narrative yet,” Jung explained, adding that the recent surge feels more like a cautious return than a full-blown NFT season.

Overall, with broader crypto markets regaining strength and altcoins rallying alongside Bitcoin, NFTs may have more room to run, but for now, it’s the OG collections like CryptoPunks carrying the torch.

Other Related Read/Listens

• Crypto Spot Trading Tanks 22% in Q2 Despite Bitcoin’s Big Bounce—What’s Going On?
• Pump.fun ICO Breakdown: The Latest State of Affairs
• Bitcoin Overtakes Amazon as World’s 5th Largest Asset—Is Apple Next?