NFTs Bounce Back: Ethereum Rally Fuels Floor Price Growth Across Established NFT Projects

As Ethereum’s price continues its strong rally, the long-overlooked NFT market is staging a comeback. According to data from The Block, NFT trading volume surpassed $140 million last week, reaching its highest level since mid-January. Total volume hit $144.49 million, with Ethereum contributing $75.01 million (51.9%) and Bitcoin accounting for $25.57 million (17.7%). The last brief NFT bull run occurred between November and December 2024.

As of July 21, CoinGecko data shows the global NFT market cap has reached $6.35 billion, posting a 21.4 percent increase in the past 24 hours. Daily trading volume also saw a significant rise, spiking 302.7 percent to $38.6 million.

While activity has picked up in recent days, the current market cap still trails the short-lived bull run of December 2024, when NFT trading volume peaked at $285.55 million and ETH traded above $4,100. That surge remains modest compared to the 2021 peak, when weekly volumes often exceeded $600 million.

Although overall performance remains subdued, the recent uptick suggests renewed interest and potential opportunities. For now, NFT prices and trading volumes appear closely tied to Ethereum's performance.

NFT Market Sees Broad Upswing Across Artacle Indexes

The NFT market is gaining strong upward momentum, as shown by multiple sector-specific indexes tracked by Artacle, an NFT analytics platform. Notably, both generative art and profile picture (PFP) categories are seeing significant gains.

• PFPIND Index, which includes all PFP collections on Artacle with a market cap of at least 1000 ETH (excluding CryptoPunks), currently stands at 868.56, up 18.96% over the past month.

• PUNKS Index, which tracks the market capitalization of CryptoPunks, currently stands at 1,055.56, up 21.83% over the past month.

• ARTCL Index represents the broader generative art market, including all qualifying generative art collections. It is now at 870.69, posting an 8.87% gain in one month.

• ABC Index, focused on Art Blocks Curated collections with strict listing and minting requirements, has climbed to 581.80, recording a 13.86% monthly increase.

NFT Market Trends: CryptoPunks, Moonbirds, and Pudgy Penguins Lead the Resurgence

Over the past 24 hours, 7 days, and 30 days, the NFT category has consistently climbed. Floor prices for major collections are surging, with CryptoPunks, Pudgy Penguins, and Moonbirds leading in both price gains and trading volume.

CryptoPunks saw a major sweep on July 20 around 10 PM UTC, when an anonymous wallet purchased 45 CryptoPunks for a total of 2,082 ETH, valued at approximately $7.79 million. In the past 24 hours alone, 82 NFTs from the collection were sold, pushing daily trading volume to 3,890 ETH.

Moonbirds have also made a strong comeback. The floor price has nearly doubled, rising 196 percent in just one week. Earlier in May this year, Yuga Labs, the creator of the Bored Ape Yacht Club, announced that it had sold the Moonbirds intellectual property to a gaming startup named Orange Cap Games.

Although the terms of the deal were not publicly disclosed, many believe this could mark the beginning of a new chapter for Moonbirds. The startup's CEO, @spencer, is a well-known Pudgy Penguins collector and is backed by his own venture capital firm. This has sparked speculation within the NFT community that Moonbirds could follow Pudgy Penguins’ strategy of expanding its intellectual property into the mainstream and attracting non-crypto users. With strong ties between Spencer and the Pudgy team, including Luca Netz, observers are also wondering if a Moonbirds x Pudgy Penguins collaboration could be on the horizon.

Pudgy Penguins continues to dominate the narrative, playing a key role in bringing renewed attention to the NFT market. Over the past week, the collection has gone viral on X, with both companies and individuals switching their profile pictures to Pudgy Penguin avatars. This trend has fueled the rise of both the PENGU token and the NFT's floor price. While PENGU is currently consolidating around $0.033, the Pudgy Penguins floor price remains strong at 16.35 ETH, up 13.6 percent in the past 24 hours.

Much of this momentum is supported by Ethereum’s ongoing rally, which has further amplified interest across the NFT space.

Beyond PFP collections, generative art NFTs are also gaining traction. Data from Artacle’s dashboard shows that Chromie Squiggle has experienced a 4,408% increase in 24-hour trading volume and a 38.4% rise in floor price, now trading at 5.8 ETH. Other notable performers include SpiroFlakes, which saw a 910.6% jump in floor price and 3,505.9% surge in volume, and Anticyclone, up 39.4% in floor price with trading volume rising 285.6%, reflecting a broader rally in the digital art sector.

It is worth noting that most of the top-performing NFTs today are OG collections that launched during the 2021 to 2022 NFT boom. Very few new projects have managed to survive the harsh conditions of the current market. Notable exceptions include community-driven collections such as Good Vibes Club and Kaito Genesis, which continue to thrive and are widely used as profile pictures on X.

Ultimately, reach and cultural relevance remain the key factors that determine whether an NFT project succeeds or fades.

NFT Market Reawakens Amid Ethereum's Upward Momentum

As Ethereum maintains its upward momentum, the NFT market appears to be reawakening, led by iconic collections and renewed cultural relevance. While it remains to be seen whether this marks the start of a sustained bull cycle or another short-term rally, the current surge highlights the continued interplay between blockchain innovation, community engagement, and digital ownership.

For now, all eyes are back on NFTs.