Ethereum NFT Trading Volumes Reach Highest Levels in Almost a Year
Non-fungible token (NFT) trading volumes on the Ethereum network have surged to their highest levels in nearly a year, according to data from CryptoSlam. The weekly trading volumes for NFTs have reached their peak since February 26, 2023.
Pudgy Penguins Collection Approaches Market Cap of Bored Ape Yacht Club
One of the reasons behind the increase in Ethereum NFT volume is the growing popularity of Pudgy Penguins, currently the third-largest NFT collection by market cap. Pudgy Penguins is closing in on its competitor, Yuga Labs’ Bored Ape Yacht Club (BAYC) collection. Yuga Labs also owns Cyberpunks, which is the lowest-priced collection.
Pudgy Penguins is an exclusive collection of 888 virtual avatars released on the Ethereum blockchain in 2021. It has gained significant popularity due to its unique design. The collection is now working on developing Pudgy World, an interactive gameplay experience for Apple Vision Pro. On the other hand, Yuga Labs is creating the Otherside metaverse and plans to conduct a third “traveling” test soon.
NFT Sales Drive Surge in Trading Volume
While Ethereum NFT trading volume has experienced substantial growth, on-chain minted NFTs have remained relatively flat over the past year. This suggests that the recent surge in volume is primarily driven by NFT sales rather than new minting activities.
Hype Around ERC-404 Tokens Leads to Gas Price Surge
The hype surrounding ERC-404 tokens has resulted in a significant increase in gas prices on the Ethereum network. On February 9th, the average transaction fee reached 70 Gwei, with peak gas costs reaching 377 Gwei, the highest since May 12, 2023, according to Etherscan.
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