Ethereum’s non-fungible token (NFT) market is experiencing a surge in trading activity, with the weekly volume hitting its highest level since February 2023.
According to data from CryptoSlam, NFT sales on the Ethereum (ETH) network has surged by around 100% over the past week, reaching a whopping $158 million.
During this period, other popular blockchains for NFTs, including Bitcoin, and Polygon (MATIC), saw their trading volume drop by around 24% and 10%, respectively.
Pudgy Penguins See Growing Popularity
The rise in Ethereum NFT volume coincides with the growing popularity of the Pudgy Penguins collection, currently ranked third by market capitalization.
Pudgy Penguins is rapidly approaching the market cap of its rival, the renowned Bored Ape Yacht Club collection, which is owned by Yuga Labs.
Yuga Labs is also the creator of Cyberpunks, the collection boasting the highest floor price in the market.
Pudgy Penguins is actively developing Pudgy World, an interactive gaming experience that is expected to be available on the Apple Vision Pro.
Meanwhile, Yuga Labs is working on the Otherside metaverse, with a planned third “trip” test on the horizon.
Although Ethereum’s NFT trade volume has soared to a new yearly high, the same cannot be said for the number of NFTs minted on the chain.
Minting trends have remained relatively flat over the past year, indicating that the recent surge in volume primarily stems from NFT sales rather than new creations.
NFL All Day Collection Gains Momentum
The NFL All Day digital collectibles brand, developed by Dapper Labs, has gathered momentum thanks to the frenzy around Super Bowl.
The sports-themed, digital-collectible brand issued promotional packs of NFTs during the NFL playoffs in January, resulting in several high-profile sales.
Specifically, a non-fungible token featuring Tom Brady fetched over $40,000, while a similar NFT featuring quarterback Aaron Rodgers sold for $34,000.
In total, the collection has managed to accumulate nearly $10 million in sales since the NFL’s regular season began in September.
Ripping packs with the legend @JoeMontana
Full video coming tomorrow on @PackmanCards YouTube https://t.co/fk00aWnm7Q
— NFL ALL DAY (@NFLALLDAY) February 11, 2024
It is worth noting that the market for NFTs has been on an upward movement recently amid the recovery in crypto prices.
In October, NFT trading volume surged by $99 million, reaching $405 million, signifying levels of sales not seen since August.
Likewise, sales of NFTs on the Bitcoin (BTC) network reached a new milestone in December 2023, surpassing $881 million for the first time ever.
NFT sales on the Bitcoin chain reached $881,223,753.92 last month, setting the highest single-month sales record to date.
This included 111,713 buyer addresses and 98,744 seller addresses, both setting the highest single-month records to date.
The post Ethereum NFT Trading Surges to Highest Weekly Volume Since February 2023 appeared first on Cryptonews.
