The combined NFT market cap has climbed 54% in a month and crossed $2 billion for the first time since early Q1, even as participation thins.
NFT Cap Rebound
The rally is concentrated in blue-chip collections rather than spread across the market.
Bored Ape Yacht Club floors are up 81% over the past 30 days. Pudgy Penguins (PENGU) has pushed above 5 Ethereum (ETH), gaining more than 20% on the week.
Yet CryptoSlam figures show global NFT sales fell to roughly $175 million in April from $304 million in February, with active users and total transactions both down by nearly half.
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Telegram Gifts Lead
In March, the TON (TON) blockchain pulled $39.8 million in NFT trading volume, edging out Ethereum at $35.9 million.
Telegram-native collectibles drove most of that activity. Telegram Gifts alone accounted for $23.09 million, or 58% of TON's NFT volume, followed by Telegram Numbers and Telegram Usernames.
Analysts caution that wash trading still represents about half of total NFT volume, and aggregate trading profits remain negative. Some of the rally also tracks broader crypto strength, with ETH and Bitcoin (BTC) each up roughly 18% over the past month.
The sector's prior cycle peaked above $15 billion in 2021 and 2022. Market cap then bottomed near $2.4 billion by late 2025 before this April's rebound, leaving it well below those highs but back on traders' radar.
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