CryptoDangers8888

07/23 02:03

The total NFT market cap just cracked $6.8 billio

The total NFT market cap just cracked $6.8 billion, marking the first breakout since last year’s Q4 pump, which peaked at around $10 billion. It was the closest cycle to the 2021 NFT frenzy.

And yet, even with the overall NFT demand climbing, CryptoPunks alone (an OG Ethereum NFT) has nearly 30% market dominance, jumping by about 10% since the election rally. 

Right behind them, Pudgy Penguins, also Ethereum-native, controls roughly 8.5% of the market. Together, these two are driving most of Ethereum’s heavyweight status in the NFT game.

And, it’s not random. Ethereum [ETH] ripped by nearly 50% this month, staging a strong Q3 move. That momentum is clearly flowing into high-end NFT plays. 

The real question now – Is this dominance in the NFT space just a side effect, or a direct reflection of Ethereum’s growing macro footprint?

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