Ethereum NFT Market Hits All-Time High: Highest Weekly Trading Volume Since February 2023

There has been a notable surge in non-fungible token (NFT) trading activity on the Ethereum network, reaching its highest weekly trading volume since February 2023.

Pudgy Penguins: A rising star in the NFT world

In this surge, chunky penguin The collection emerged as a frontrunner and quickly approached the market capitalization of its famous counterpart, Bored Ape Yacht Club.

NFT trading volume on Ethereum has surged nearly 100% over the past week, reaching a total of $158 million. This surge contrasts with transaction volume declines of approximately 24% and 10% observed on other popular NFT blockchains such as Bitcoin and Polygon (MATIC), respectively.

The surge in Ethereum NFT volume is particularly driven by the growing popularity of the Pudgy Penguins collection, which currently ranks third by market capitalization. The success of the collection is closely tied to the development of Pudgy World, an interactive gaming experience that will debut on Apple Vision Pro.

Yuga Labs, creator of famous products Boring Monkey Yacht Club The Cyberpunks collection is also expanding its presence in the metaverse realm with the development of the Otherside metaverse.

Despite the surge in trading volume, the number of NFTs minted on the Ethereum chain has remained relatively stagnant over the past year, indicating that the recent surge in transactions has primarily come from NFT sales rather than new creation.

NFL All-Day Collection scores increase significantly

Adding momentum to the NFT market is NFL All Day The digital collectibles brand developed by Dapper Labs made a splash during the NFL playoffs in January. In particular, NFTs featuring legendary quarterbacks Tom Brady and Aaron Rodgers have achieved significant sales, with individual sales exceeding $40,000 and $34,000, respectively.

Since the NFL regular season began in September, the NFL All-Day Collection has generated nearly $10 million in sales.

The recent increase in NFT trading activity reflects the broader recovery in cryptocurrency prices. NFT trading volume in October soared to $405 million, a notable increase compared to the previous month.

Likewise, NFT sales on the Bitcoin network reached unprecedented levels in December 2023, surpassing $881 million with record participation from both buyers and sellers.