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07/23 06:23

The total NFT market cap just surpassed $6.8 billi

The total NFT market cap just surpassed $6.8 billion, marking the first breakout since last year’s Q4 peak, which peaked at around $10 billion. This was the closest cycle to the 2021 NFT craze.

And yet, even as demand for NFTs has risen overall, CryptoPunks (the original Ethereum-based NFT) has nearly 30% of the market, up about 10% since the election rally.

Following closely behind, Pudgy Penguins, also on Ethereum, controls about 8.5% of the market. Together, these two account for much of Ethereum’s heavyweight status in the NFT space.

And that’s no coincidence. Ethereum [ETH] is up nearly 50% this month, posting strong gains in Q3. That momentum is clearly carrying over into the high-end NFT space.

 Now the big question is: is this dominance in the NFT space just a side effect or a direct reflection of Ethereum's growing macroeconomic influence?

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