Ethereum NFT Trading Volume Reaches Yearly High
According to data from The Block, the volume of Ethereum NFTs traded on-chain is currently at its highest weekly level since the week of Feb. 26, 2023. This surge in trading activity comes as Pudgy Penguins, the third-largest NFT collection by market cap, approaches the market cap of its rival, the Bored Ape Yacht Club collection owned by Yuga Labs. Yuga Labs also owns Cyberpunks, the collection with the highest floor price.
Pudgy Penguins and Yuga Labs’ Development Plans
Pudgy Penguins is currently working on Pudgy World, an interactive gaming experience that will reportedly be available on Apple Vision Pro. On the other hand, Yuga Labs is developing the Otherside metaverse and is planning a third “trip” test in the near future.
Increase in Trading Volume vs. Flat NFT Mints
While Ethereum trade volume has reached its highest level in a year, the number of NFTs minted on the chain remained relatively flat over the past year. This suggests that the recent spike in volume primarily consists of NFT sales rather than new mints.
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