NFT market cap hits $9.3B fueled by Ether surge

The NFT market cap has hit $9.3 billion, up 40% since July, as ETH tops $4,600

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

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

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

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