The floor price of CryptoPunks<\/a>, perhaps the most iconic Ethereum-based NFT<\/a> collection, has climbed above $208,000 \u2014 its highest level since April 2022 in U.S. dollar terms\u2014 amid a broader resurgence in digital collectibles as ETH rallies.<\/p>\n Data from NFTPriceFloor, a website tracking NFT prices, also shows that several top collections have recorded explosive growth over the past 90 days.<\/p>\n While CryptoPunks led the pack with a 163% increase in U.S. dollar terms, securing the top spot by floor price per NFT, Pudgy Penguins<\/a> followed closely with a nearly 200% surge, climbing to second place in the rankings.<\/p>\n But in terms of Ether (ETH<\/a>), the picture looks a bit different. CryptoPunks are currently priced around 53.84 ETH \u2014 a level last seen in February 2024 \u2014 showing that most of the recent gains can be attributed to the rising price of ETH, which has more than doubled since early May.<\/p>\n Launched in 2017 by Larva Labs, CryptoPunks comprises 10,000 algorithmically generated pixel-art characters and is widely credited with defining the profile picture NFT genre. In March 2022, the collection was acquired by Yuga Labs<\/a>, the company behind the Bored Ape Yacht Club<\/a>.<\/p>\n In an interview with The Defiant, NFTPriceFloor co-founder Nicol\u00e1s Lallement pushed back on the idea that the recent price movement is merely driven by ETH volatility. \u201cI wouldn\u2019t call this just post-ETH rally noise,\u201d Lallement said, describing the relationship between ETH and NFTs as \u201calmost mechanical,\u201d and noting that rising ETH prices tend to trigger a wealth effect.<\/p>\n \u201cWhen ETH rallies, we tend to see a wealth effect kick in: top collectors, many of whom are sitting on ETH-based grails like Punks or Art Blocks, feel more confident to re-enter the market. So while the ETH pump is definitely a catalyst, I\u2019d argue it\u2019s enabling something deeper,\u201d Lallement explained.<\/p>\n He also pointed out that activity is expanding beyond CryptoPunks and Moonbirds<\/a>, the latter having been bought out in June from Yuga Labs by Spencer Ventures and Orange Cap Games.<\/p>\n As volume picks up in other early collections like MoonCats, CrypToadz, Cool Cats and Hashmasks, Lallement suggests that the dynamic \u201cmight be the early stages of a broader comeback, not just opportunistic dumping.\u201d<\/p>\n![\"table](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fad_4nxf7jvd5ou_qbwn0earokfol6wkauu_1axpuatw2g_clxhxwgcrtq_wk-3f7db2a1-4967-4215-98f0-2e9e3f336758.png&w=3840&q=100\"\/)
Wealth Effect Triggered by ETH Rally<\/h2>\n
Broader NFT Comeback<\/h2>\n