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Ethereum’s NFT Market Experiences Surge in Trading Activity
The Ethereum non-fungible token (NFT) market is currently experiencing a surge in trading activity. The weekly volume has hit its highest level since February 2023, as reported by CryptoSlam.
Surge in Ethereum NFT Volume
Data from CryptoSlam reveals that NFT sales on the Ethereum (ETH) network have surged by around 100% over the past week, reaching a whopping $158 million. In comparison, other popular blockchains for NFTs, including Bitcoin and Polygon (MATIC), saw their trading volume drop by around 24% and 10%, respectively.
Rise of Pudgy Penguins
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, owned by Yuga Labs.
- Pudgy Penguins actively developing Pudgy World, an interactive gaming experience
- Yuga Labs working on the Otherside metaverse, with a planned third “trip” test on the horizon
Minting Trends and Sales
Although Ethereum’s NFT trade volume has seen a new yearly high, the number of NFTs minted on the chain has remained relatively flat over the past year. This indicates that the recent surge in volume primarily stems from NFT sales rather than new creations.
NFL All Day Collection
The NFL All Day digital collectibles brand, developed by Dapper Labs, has gained 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.
- A non-fungible token featuring Tom Brady fetched over $40,000
- A similar NFT featuring quarterback Aaron Rodgers sold for $34,000
Market Trends and Milestones
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. Additionally, sales of NFTs on the Bitcoin (BTC) network reached a new milestone in December 2023, surpassing $881 million for the first time ever.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
