NFTs Attempt Another Comeback as Blue Chips Surge

The NFT sector has posted its strongest 30-day performance in months, with Yuga Labs' flagship collections soaring and Azuki, Doodles, and Meebits catching bids.

The global NFT market cap sits at $1.87 billion after topping $2 billion over the weekend for the first time in three months, according to CoinGecko.

Yuga Ecosystem Leads

Bored Ape Yacht Club's floor is 9.49 ETH, or roughly $21,715, up 15% on the week and 79% over the past 30 days. Meanwhile, Mutant Ape Yacht Club is up 26% on the week and 112% on the month. Otherdeed Expanded and Otherdeed for Otherside, the metaverse land tied to the Yuga ecosystem, are up 66.2% and 37.4% over 30 days, respectively.

While there is no clear catalyst for the move, Yuga Labs recently settled its long-running trademark suit against artist Ryder Ripps and partner Jeremy Cahen.

Other Ethereum blue chips are also participating. Azuki is at 1.09 ETH, up 28% on the week and 61% on the month, while Doodles is up 30% and Clone X is up 28% over 30 days. Meebits, the pixel-art collection that Yuga acquired from Larva Labs and subsequently sold, is up 28% on the month.

CryptoPunks Maintain Top Spot

CryptoPunks remain the largest collection by market cap, with the floor at 30.94 ETH, or about $70,805, up 16% on the week and 7.6% on the month. The relatively muted 30-day performance likely reflects the collection's much higher starting base.

Pudgy Penguins, the third-largest collection, has rallied harder, with the floor at 5.05 ETH, up 15% on the week and 25% on the month. The collection has been a focal point for crypto-native consumer IP this cycle, with parent Igloo Inc. launching its browser-based Pudgy World metaverse in March and a mobile racing title that briefly topped Apple's App Store rankings last year.

Canary Capital's proposed spot PENGU ETF, which would also hold up to 15% of assets in Pudgy Penguins NFTs, remains pending at the SEC.

Source: https://thedefiant.io/news/nfts-and-web3/nfts-attempt-another-comeback-as-blue-chips-surge