- NFT trading volume on the Ethereum network is rapidly increasing and is currently approaching its highest level for the year.
- Between February 4 and February 11, the trading volume surpassed $148 million.
The Block has reported that the weekly NFT trading volume on Ethereum is nearing its highest level since March 2023. During the week of February 4 to February 11, 2024, the trading volume amounted to $148.58 million.
Analysts have observed that this surge in trading volume coincides with an increase in the market capitalization of the Pudgy Penguins collection, which currently ranks third on the Ethereum network, surpassed only by Pandora and Doodles.
Top 10 NFT collections on the Ethereum network. Data: Cryptoslam.It’s worth mentioning that in December 2023, we reported that the NFT marketplace Blur accounted for almost 80% of the trading volume in the NFT market, while OpenSea’s share dropped to approximately 17%.
Furthermore, CoinGecko, an analytics firm, recently released a report on the largest blockchains in terms of NFT trading volume, summarizing the performance of the non-fungible tokens market in 2023.