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, and Pudgy Penguins all rose between 3% and nearly 5% over the week, while 30-day data shows an even stronger recovery momentum in some major collections.
Some voices in the community suggest that the recent rally reflects the return of core collectors.
Everyone trying to assume and speculate why the sudden surge in positive sentiment in the NFT space has come back.
Simple ……
The collectors that are true lovers and believers in the art and community have returned.
2026 ❤️
— Adam Weitsman (@AdamWeitsman) May 3, 2026
PFP Floors Diverge From a Flat Crypto Market
Major crypto assets have seen no significant fluctuations over the past seven days. Bitcoin is currently trading around $78,600, up about 0.9% for the week, while Ethereum fell slightly by 0.3% to the $2,320 range.
In contrast, many NFT collections recorded gains during the same period. CryptoPunks—the collection with the largest market cap—currently has a floor price of approximately 30.95 ETH, up 3.6% over the past 7 days. 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
This trend has become even more pronounced in several major collections over the past 30 days. BAYC has surged over 107%, while Pudgy Penguins rose about 36%, and Mutant Ape Yacht Club (MAYC) increased by more than 130% in the same period.
This development reflects a recovery concentrated in specific blue-chip NFT assets rather than a broad market-wide trend.
A Blue-Chip Driven Rebound
Notably, the current recovery momentum is almost entirely concentrated in legacy NFT groups on Ethereum. CryptoPunks, BAYC, and Pudgy Penguins currently command the majority of attention and liquidity in the market.
NFT dominance breakdown – CryptoPunks, BAYC, Pudgy. Source: CoinGecko
Dominance data shows that CryptoPunks accounts for about 36% of the NFT market share, BAYC 12%, and Pudgy Penguins around 6%. These are collections with better liquidity, high brand recognition, and are often viewed as “proxies” for the overall NFT market.
However, a deeper look reveals that most collections outside the top tier have yet to show a clear recovery. Some projects like Azuki, despite rising sharply over 30 days (+78%), fell in the last seven days (-3.6%), reflecting instability in capital flow. Mid-tier and long-tail collections have recorded almost no significant increase in liquidity.
Thin Liquidity, Fast Price Moves
Low liquidity remains a key characteristic of the current NFT market. Total NFT market capitalization is currently around $1.99 billion, down 2.7% in the past 24 hours. Trading volume over 24 hours reached only about $2.6 million, a decrease of nearly 9%.
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.
This makes the floor price an incomplete indicator of market health. The current rally may reflect a short-term supply shortage or accumulation behavior from a group of collectors, rather than large-scale capital returning to the market.
This phenomenon is not appearing for the first time. However, the fact that some blue-chip collections are starting to see gains amidst low liquidity could be seen as a sign that interest is returning.
Not a Broad-Based Recovery Yet
A sustainable NFT recovery cycle is usually accompanied by simultaneous improvement across more indicators than just the floor prices of a few large collections. Factors such as stable trading volume, an increasing number of buyers and sellers, and activity spreading beyond the top-tier group play a crucial role.
Currently, these signals have not clearly appeared. Volume remains low, market cap shows no sustainable upward trend, and most trading activity is still concentrated in a few leading collections.
Meanwhile, the overall crypto market has not provided a clear 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.
This suggests the current rally may reflect a correction in some blue-chip NFTs, while broader spillover signals remain limited.
A Market That’s Trading Again — Not Fully Back
The rally of CryptoPunks, BAYC, and Pudgy Penguins shows that the NFT market is not completely “dead,” as many suggested in previous periods. Several major collections continue to attract attention and capital, creating distinct volatility compared to the rest of the market.
However, the scope of the current rally remains limited. Trading activity has not shown clear expansion to collections outside the leading group, while indicators like volume and market cap have yet to confirm a sustainable uptrend. In this context, concluding that “NFTs are back” remains premature.
Instead, the market may be entering a transitional phase, where blue-chip NFTs react earlier to capital before it spreads to collections with lower liquidity.
In the short term, the performance of liquidity and trading volume will be key factors in determining whether the current recovery can be sustained and expanded beyond the blue-chip group.
