Surge in Ethereum NFT Trading Reaches Highest Weekly Volume in Almost Three Years

Surge in Ethereum NFT Trading Reaches Highest Weekly Volume in Almost Three Years

Ethereum NFT Trading Hits Highest Weekly Volume Since February 2023

The Ethereum non-fungible token (NFT) market is seeing a surge in trading activity, with the weekly volume reaching its highest level since February 2023. According to data from CryptoSlam, NFT sales on the Ethereum network have increased by around 100% in the past week, totaling $158 million. In contrast, other popular blockchains for NFTs, such as Bitcoin and Polygon (MATIC), experienced a decline in trading volume.

Pudgy Penguins Gain Popularity

The rise in Ethereum NFT volume coincides with the growing popularity of the Pudgy Penguins collection, which is currently ranked third by market capitalization. Pudgy Penguins are approaching the market cap of their rival, the Bored Ape Yacht Club collection, owned by Yuga Labs. Yuga Labs is also the creator of Cyberpunks, which has the highest floor price in the market. Pudgy Penguins is actively developing Pudgy World, an interactive gaming experience expected to be available on Apple Vision Pro.

NFL All Day Collection Gains Momentum

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The NFL All Day digital collectibles brand, developed by Dapper Labs, has gained momentum during the Super Bowl frenzy. The brand issued promotional packs of NFTs during the NFL playoffs, resulting in several high-profile sales featuring players like Tom Brady and Aaron Rodgers. Since the NFL season began in September, the collection has accumulated nearly $10 million in sales.

NFT Market on the Rise

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The overall market for NFTs has been trending upward recently due to the recovery in crypto prices. In October, NFT trading volume reached $405 million, marking levels of sales not seen since August. NFT sales on the Bitcoin network also reached a milestone in December 2023, surpassing $881 million for the first time ever. This included a record number of buyer and seller addresses. Despite the surge in trading volume, the number of NFTs minted on the Ethereum chain has remained relatively flat.

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