The total market capitalization of non-fungible tokens (NFTs) surpassed $5.78 billion today. According to data from the aggregator platform CoinGecko, the development was driven by a 13.5% increase over the past 24 hours. A trading volume of over $28 million accompanied the surge, representing a nearly 300% increase from its previous day’s $10 million.
NFTs are unique digital assets recorded on blockchains that certify ownership and authenticity of items such as digital artwork, collectibles, music, or virtual land. Unlike interchangeable crypto assets like Bitcoin, each collectible carries distinct metadata and cannot be substituted. Users can resell them across secondary decentralized marketplaces such as OpenSea.
Which NFTs are Fueling the Rally?
As the original blue-chip NFT collection launched in 2017, CryptoPunks once again sparked the recent surge. Blockchain data revealed that a user recently purchased 45 CryptoPunks for 2,082 ETH ($7.68 million). Today, the floor price has increased by approximately 15.9%, reaching 47.5 ETH ($180,161), which brings the collection’s valuation to $1.8 billion.
The second-largest Ethereum digital collectibles, Pudgy Penguins, also joined the rally, with floor prices jumping about 15% to 16.75 ETH ($63,510). The Solana-based PENGU token, linked to the brand, also surged over 15% amid renewed interest, further boosting visibility and liquidity in its ecosystem. Within the past 24 hours, the collection recorded 23 new holders.
Infinex Patrons, which grants governance rights within the Infinex protocol, saw its floor price climb 17.5% to reach 1.4 ETH ($5,346). Its surge hints at growing interest in utility-driven NFTs tied to real-world applications. Although ranking third by market cap at $536.62 million, it recorded the highest gains in the NFT sector.
Notably, the NFT market, nearing a total valuation of $6 billion, marks its first peak in six months. In January 2025, the sector reached its peak at $9.2 billion, before declining to $2.6 billion in April. It recorded its all-time high in April 2022, when the market cap touched a historic $17 billion.
Why the NFT Market Surge?
Interestingly, the rebound is not solely due to increased volume resulting from higher purchases. Digital collectibles are benefiting from the broader strength of the crypto market, with Ether reaching a 2025 high of $3,800 and Solana also rallying.
On-chain activity and NFT marketplace engagement surged as a result of improved accessibility, such as Magic Eden integrating exchange features into its platform. There are now more user-friendly wallets, lower fees, and richer real-world applications, such as gaming memberships and tokenized assets.
Meanwhile, recent events, such as Snoop Dogg amassing over $12 million in 30 minutes from digital collectibles sales, have also raised investors’ confidence in the sector.
