Bitcoin and Ethereum have moved mostly sideways over the past seven days, but several Ethereum NFT collections—particularly the blue-chip PFP (Profile Picture) group—have recorded clear gains. CryptoPunks, Bored Ape Yacht Club” Pudgy Penguins All rose by between 3% to nearly 5% in the past week. The 30-day figures show a stronger rebound for some of the major collections.
Some community members believe the rally represents the return of collectors.
There are many theories and hypotheses as to why there has been a sudden increase in sentiment towards NFT.
Simple ……
The true art lovers, believers and collectors have returned.
2026 ❤️
— Adam Weitsman (@AdamWeitsman) May 3, 2026
PFP Floors Differ From A Flat Crypto Market
In the past week, there have been no major changes to crypto-assets. Bitcoin currently trades around $78,600 and is up 0.9% in the past week. Ethereum, however, has fallen by 0.3%, to $2,320.
Many NFT collections, on the other hand, saw gains over this period. CryptoPunks—the collection with the largest market cap—currently has a floor price of approximately 3You can get 0.95 Etherium for every pound.Over the past seven days, grew by 3.6%. Bored Ape Yacht Club (BAYC) and Pudgy Penguins also rose by about 4–5% during the week, indicating a return of interest in this asset class.
NFT Heatmap (30D). Source: Coingecko
In the past thirty days, this trend became even more prominent in several large collections. BAYC grew by 107% during the period, Pudgy Penguins grew about 36% while Mutant Ape Yacht Club jumped more than 130%.
This is a result of a specific recovery in blue-chip NFTs rather than an overall market trend.
Rebounding with Blue Chips
The recovery trend is largely concentrated within the NFT legacy groups of Ethereum. CryptoPunks BAYC and Pudgy Penguins are currently commanding the most attention and liquidity on the market.
NFT dominance breakdown – CryptoPunks, BAYC, Pudgy. Source: CoinGecko
CryptoPunks is the dominant group in terms of dominance, with about NFTs account for 36% of market shareBAYC is 12% and Pudgy Penguins are around 6%. Collections with high brand awareness and higher liquidity are often seen as desirable. “proxies” For the total NFT market.
But a closer inspection reveals that many collections, outside of the top-tier collection have not yet shown a significant recovery. Some projects such as AzukiIn spite of a rapid rise in 30 days (+78%), the number fell by 3.6% in seven days, indicating an instability in capital flow. Liquidity has barely increased in the mid-tier or long-tail collection.
Thin Liquidity, Fast Price Moves
Low Liquidity NFTs are still a major market segment. Total NFT Market Capitalization currently stands at around 1.99 Billion DollarsThe price of has dropped 2.7% over the last 24 hours. The trading volume in the last 24 hours was only $2.6 Million, which is nearly 9% less.
In this context, floor price volatility can change rapidly with just a few transactions, as buy orders at higher prices pull the floor up significantly—especially for collections with low listing counts.
The floor price is therefore an insufficient indicator of the health of the market. It is possible that the current market rally is due to short-term shortages or an increase in accumulation from collectors.
This isn’t the first instance of this phenomena. It could also be a sign of a return to interest if some collections, despite the low level of liquidity are beginning to show gains.
There is still no broad-based recovery
The recovery of NFTs is often accompanied with simultaneous improvements across a number of indicators, not just floor prices for a handful large collections. A stable trading volume and an increase in buyers and sellers are important factors.
These signals are not yet clearly visible. The volume is low and the market capitalization shows no sustained upward trend. Most trading activity still focuses on a small number of collections.
The overall crypto market, however, has yet to provide a catalyst. Ethereum—the primary platform for NFTs—is still fluctuating within a narrow range, limiting the potential for capital to expand into riskier assets like NFTs.
It is possible that the current rally has been triggered by a slight correction. Blue-chip NFTsWhile broader spillover signal remains limited.
A Market That’s Trading Again — Not Fully Back
CryptoPunks rally and the rise of BAYC & Puddy Penguins show how NFTs are gaining momentum. You can’t completely avoid it “dead,” As some suggested in past periods. Many major collections continue attracting attention and capital. This creates a distinct level of volatility in comparison to the rest.
Although the rally has been a success, its scope is limited. The trading activity is not extending to other collections than the leaders, and indicators such as volume and market capital have yet to show a sustained uptrend. Conclusion: In the context of this, it is reasonable to conclude that “NFTs are back” remains premature.
It is more likely that the market has entered a period of transition whereby blue-chip NFTs will react to capital sooner before spreading to collections which have less liquidity.
Short-term, liquidity and volume of trade will play a key role in whether this recovery can continue and expand beyond the blue chip group.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: nftevening.com
