Trade activity in Ethereum’s non-fungible token (NFT) market is booming, with weekly volume reaching its highest point since February 2023. NFT sales on the Ethereum (ETH) network have increased by almost 100% in the last week, reaching a staggering $158 million, according to data from CryptoSlam.
Other well-known NFT blockchains, such as Bitcoin and Polygon (MATIC), showed a decline in trading volume of about 24% and 10%, respectively, during this time.
Pudgy Penguins Are Becoming More Well-Known
The increased popularity of the Pudgy Penguins collection, which is presently ranked third by market valuation, is reflected in the surge in Ethereum NFT volume. Pudgy Penguins is closing in on the market capitalization of its competitor, Yuga Labs’s renowned Bored Ape Yacht Club collection.
Cyberpunks, a collection with the highest floor price in the industry, was also created by Yuga Labs. The interactive game experience Pudgy World, which is anticipated to be accessible on the Apple Vision Pro, is being developed by Pudgy Penguins.
In the meantime, Yuga Labs is developing the Otherside metaverse and is preparing for a third “trip” test. The quantity of NFTs created on the chain has not increased, despite Ethereum’s NFT trade volume reaching a record high for the year.
The fact that minting trends have not changed much in the last year suggests that NFT sales, not new innovations, are the main cause of the current increase in volume.
NFL All-Day Collection Picks Up Speed
The excitement around the Super Bowl has helped the Dapper Labs-developed NFL All Day digital collectibles brand gain traction. During the NFL playoffs in January, the sports-themed digital collectible business sent out promotional packs of NFTs, which led to several high-profile sales.
To be exact, a non-fungible token with quarterback Aaron Rodgers selling for $34,000 sold for more than $40,000, and one with quarterback Tom Brady fetched over $40,000. Since the NFL regular season started in September, the collection has managed to generate sales of around $10 million in total.
It’s important to note that the current rise in cryptocurrency prices has also led to an increase in the NFT market. October saw a $99 million increase in NFT trading volume to $405 million, indicating sales levels not seen since August.
Similarly, in December 2023, NFT sales on the Bitcoin (BTC) network achieved a new high by exceeding $881 million for the first time. Last month’s $881,223,753.92 NFT sales on the Bitcoin chain set a record for the greatest single-month sales amount ever.
The highest single-month records to date were reached by 111,713 buyer addresses and 98,744 selling addresses, respectively.