Investors are making a beeline for non-fungible tokens (NFTs) in the wake of a significant one-day “sweep” of elite NFTs, bolstered by a surge in the cryptocurrency market. According to data from CoinGecko, CryptoPunks, the largest NFT collection by market capitalization, saw a 15.9% increase in its base price from 40.9 Ether (ETH) to 47.50 ETH, equivalent to more than $179,000. This spike attracted 83 new owners in just a single day.
Pudgy Penguins, the second-largest collection by market cap, has seen over a 15% increase to 16.60 Ether ($62,597), attracting 100 new owners who scooped up the NFTs on Sunday. The Infinex Patrons NFT collection, which offers holders the power to vote over the Infinex protocol, increased by 9.4% to 1.4 Ether, or $5241.
Other collections have also registered significant gains. The YOU THE REAL MVP collection, which serves as the premium membership for the Memeland ecosystem, led the way with a staggering 1280% increase.
The broader NFT market cap has soared by 21.2% in the last 24 hours to over $6.34 billion. Total sales volume also jumped by 303% to $38.7 million on the day.
This is a stark contrast to just a few months ago when NFT volumes fell 61% in Q1 2025 to $1.5 billion. The year 2024 was considered the worst for NFT trading volume and sales since 2020, a year marked by volatility and escalating token prices.
Some speculate that the recent surge could signal a resurgence in the NFT market, which has been in decline since the peak of the 2021 cycle. CryptoSlam strategist Yehudah Petscher and DappRadar analyst Sara Gherghelas predicted an NFT rebound earlier this year, though they suggested a more cautious approach than previous peaks.
