The NFT market has shown signs of recovery, with the total market capitalization returning to $6 billion and trading volume rising by 318%.

The NFT market has recently shown signs of recovery, with a total market capitalization returning to over $6 billion, currently reaching $6.417 billion, and a 24-hour rise of 23.2%. Even more notable is the surge in volume, with a total trading volume of approximately $40 million in the past day, an increase of up to 318.3%.

Among mainstream NFT projects, CryptoPunks, Moonbirds, and Pudgy Penguins stand out. CryptoPunks benefited from a whale purchasing a large amount in a short period, Moonbirds gained attention due to a profile picture change on a trading platform, and Pudgy Penguins received extra exposure by appearing in a popular TV show. The floor prices of these projects have all risen significantly.

Other NFT projects are also generally showing a rising trend. BAYC has a 24-hour rise of 13.2%, Azuki has a rise of 26.8%, and the Taproot Wizards from the Bitcoin ecosystem have a rise of 30.3%. NFT-related tokens are also performing well, with a certain token having a 24-hour rise of as much as 27.4%.

Despite the previous predictions of a rebound in the NFT market falling flat, the overall recovery of the cryptocurrency market has once again drawn attention to the NFT market. Some industry insiders have stated that institutions have begun to position themselves in advance, and established players are also indicating that the NFT season may have arrived.

The reasons for the sudden recovery of the NFT market may include the following points:

1. ETH price rebounded strongly, driving up related investment targets.
2. NFT, as an important component of the Ethereum ecosystem, has become an alternative choice for investors.
3. After a long period of stagnation, the market has undergone sufficient consolidation and is ready for potential rise.
4. The non-standardized characteristics of NFTs may make them easier to manipulate as investment targets.

However, due to the prolonged slump in the NFT market, the market consensus has almost collapsed, and whether it can continue to attract more investors and funds remains uncertain. Compared to the altcoin market, the recovery of the NFT market may require more time and momentum to rebuild investor confidence.