The total market value of NFTs has risen back above $6 billion, reaching its highest level since early February

PANews reported on July 21 that according to The Block, Coingecko data showed that the total market value of the global NFT market has risen to US$6.04 billion, up 16.9% in the past 24 hours, reaching its highest level since early February. In addition, data from CryptoSlam showed that in the past 24 hours, global NFT market sales surged 154% to US$41.4 million. It is worth noting that according to OpenSea, the giant whale with the address "0x1bb351...72d6" spent more than 2,080 ETH today to purchase 45 CryptoPunks NFTs. In the past 24 hours, the CryptoPunks floor price rose 15.9% to 47.5 NFTs.

Nick Ruck, director of LVRG Research, said that when Bitcoin was consolidating, altcoins such as Ethereum and the NFT market gained momentum due to overall gains and a rebound in risk appetite. Traders have rekindled their interest in mainstream NFT projects such as CryptoPunks, believing that their prices are undervalued and may usher in a second wave of market conditions, and that this round of bull market may exceed last year's short-term rebound. However, Vincent Liu, chief investment officer of Kronos Research, believes that the long-term demand for NFTs depends on the activity of wallets.