Two weeks ago, I wrote Are NFTs Back, a thinking-through of the 7D price run that many top Ethereum NFT collections were enjoying at the time. In the absence of a clear catalyst, I noted we'd have to wait to see if volume and floor prices continued to uptrend before earnestly celebrating a return to form.
Fast forward to today, though, and the case for optimism has grown. 7D runs have turned into 30D breakouts for more than a few of the projects I initially highlighted. On the month, the floor prices of Bored Apes are +60%, Azukis +35%, Pudgy Penguins +24%, etc. And these surges have come with volume levels the likes of which we haven't seen in a year.
But that's not all. For example:
- Wallets actively trading on top Ethereum NFT platforms have doubled to ~30,000 since February 2026.
- Trading cards tokenized as NFTs (e.g. Pokémon, One Piece, sports) are booming, with gacha spends set to hit an ATH of +$211M by the end of this month. Mind you, this category didn't exist five years ago.
- We've also seen a general increase in new NFT projects lately. For instance, I've recently minted, used, or been tracking series like Architectonica, DX Terminal Pro, Heraldia, Inaccessible Worlds, Normies, Panorama, Rilato, To Be a Machine, The Vessel, and Wei Name Service.
That said, there's a broadness to the current momentum. PFP projects are getting the most attention and gains, naturally, yet there are new verticals doing well, new creative experiments, new NFTfi and AI possibilities, and new wallets coming into action.
None of this guarantees that this new NFT rush will climb to crazy heights, sure, but it's clear now that the question here has shifted from "is anything happening?" to "how far will this go?" We'll see, but the ground ahead does seem firmer and more promising than it has in a while.