NFT market cap hits $9.3B, fueled by Ether surge

The non-fungible token (NFT) sector surged to a market capitalization of more than $9.3 billion as Ethereum-based collections increased along with the price of Ether. 

NFT data tracker NFT Price Floor showed on Wednesday that the overall market capitalization for NFT collections had hit $9.3 billion, a 40% uptick from July. According to DappRadar data, NFTs had a market capitalization of $6.6 billion last month. 

Ether 

, which recently pushed past the $4,000 milestone, has been a key driver behind the NFT market surge. At the time of writing, ETH traded above $4,600 and had a market capitalization of over $557 billion, according to CoinGecko. 

Since many NFTs are based on the Ethereum mainnet, their sales and valuations are denominated in ETH. Because of this, bullish momentum of the crypto asset translates into higher market values and increased activity in the NFT space. At the time of writing, the top 10 NFT assets by market cap were Ethereum-based.