Ethereum NFT Trading Surges to Highest Weekly Volume Since February 2023

Ethereum’s NFT market is seeing a significant increase in trading activity, reaching its highest weekly volume since February 2023. According to CryptoSlam, NFT sales on the Ethereum network have surged by approximately 100% in the past week, totaling an impressive $158 million. In contrast, other popular blockchains for NFTs, such as Bitcoin and Polygon, have experienced a decline in trading volume by around 24% and 10% respectively. One factor contributing to the rise in Ethereum NFT volume is the growing popularity of the Pudgy Penguins collection, which currently holds the third-highest market capitalization. The Pudgy Penguins collection is quickly closing in on the market cap of its rival, the esteemed Bored Ape Yacht Club collection. Yuga Labs, the creator of the Bored Ape Yacht Club, is also responsible for Cyberpunks, which boasts the highest floor price in the market. Additionally, Ethereum’s NFT trade volume has reached a new yearly high, but the number of NFTs minted on the chain has remained relatively flat over the past year, indicating that the surge in volume primarily stems from NFT sales rather than new creations. Another collection gaining momentum is the NFL All Day digital collectibles brand, developed by Dapper Labs. The brand issued promotional packs of NFTs during the NFL playoffs, resulting in several high-profile sales, including one featuring Tom Brady that fetched over $40,000. Overall, the NFT market has been on an upward trend recently, with significant sales volume recorded in October and milestone sales reached on the Bitcoin network in December 2023.