After a prolonged cooldown, the NFT market appears to be regaining its footing. Data from DappRadar shows the sector’s total value shot up to $6.6 billion in July—a dramatic 94% monthly rise.
Weekly trading volumes followed suit, hitting $136 million for the strongest showing since February.
Much of this resurgence is being fueled by renewed interest in Ethereum-based collections, especially the iconic CryptoPunks. The project’s floor prices climbed over 50%, with a single-day rally pushing the minimum price above 47 ETH. That day alone saw 83 new buyers enter the fold.
Highlighting the momentum, GameSquare Holdings snapped up the rare “Cowboy Ape” Punk #5577 for $5.15 million in stock. The NFT’s former owner, Compound founder Robert Leshner, is now joining the company as a shareholder. The Punk was originally claimed in 2017 for under $500.
Meanwhile, other collections have seen surges of their own. Pudgy Penguins briefly overtook CryptoPunks in weekly volume, and CryptoBatz NFTs spiked 400% after the passing of their creator, rock icon Ozzy Osbourne.
From status symbols to high-profile acquisitions, the blue-chip NFT arena is heating up again—suggesting digital collectibles may be staging a real comeback.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/cryptopunks-drive-nft-market-revival-as-trading-volumes-spike/