After a period of silence, the global NFT (Non-Fungible Token) market has heated up again recently, with a significant rebound in trading activity and several blue-chip projects showing strong recoveries. Particularly, the classic project CryptoPunks has seen a surge in trading volume by over 10,000% within 24 hours, driven by the rising price of Ethereum, becoming one of the indicators of market recovery.
According to the latest data from the on-chain data platform CryptoSlam.io, the global NFT market's sales reached $33 million in the past 24 hours, a 121% increase from the previous period. Ethereum-based NFT transactions accounted for $25 million, taking a dominant position; followed by the BNB chain with transactions worth $1.4 million.
This wave of enthusiasm is believed to be triggered by stablecoin legislation. Last week, U.S. President Trump signed the GENIUS Act, setting a regulatory framework for stablecoins, which caused a strong market reaction. Boosted by this, the price of Ethereum has risen rapidly since July 17, from $3,000 to a peak of $3,800, with analysts predicting it could challenge the historical high of $6,000 in the coming weeks.
As the rise in Ethereum drives expectations for NFT asset prices, collectors and investors are quickly returning. The veteran project CryptoPunks has become the biggest beneficiary of this round. In the past 24 hours, the transaction volume of this series of NFTs reached $13 million, accounting for over 40% of the total Ethereum NFT transaction volume, a surge of more than 10,000% from the previous day. Meanwhile, the floor price of CryptoPunks has risen from 40 ETH to 47 ETH, showing strong market demand.
CryptoPunks, launched in 2017, is one of the most iconic avatar-type collectibles in the NFT field, introduced by Larva Labs and now operated by Infinite Node Foundation. This series has issued 10,000 pixel avatars and is recognized as a blue-chip project in the global NFT market.
The warming of the NFT market is not limited to Punks. Overall, data shows that the market is moving from speculation to a more mature phase, with users focusing more on the practical application value and ecological integration of NFTs, rather than just their artistic collection attributes. The current recovery may indicate the beginning of a new round of structural growth.
Overall, with favorable policies and the overall positive trend in the crypto market, signals of NFT trading recovery are evident, especially for assets deeply tied to Ethereum. If Ethereum continues to rise, the NFT market may witness a larger scale of rebound.
