The Ethereum non-fungible token (NFT) market is witnessing a significant uptick in trading activity, marked by a surge in weekly volume to its peak since February 2023.
Data sourced from CryptoSlam reveals a remarkable increase of approximately 100% in NFT sales on the Ethereum (ETH) network over the past week, totaling an impressive $158 million.
In contrast, other prominent blockchains for NFTs such as Bitcoin and Polygon (MATIC) experienced declines in trading volume, with drops of approximately 24% and 10% respectively, during the same period.
Pudgy Penguins See Growing Popularity
The surge in Ethereum NFT volume coincides with the rising popularity of the Pudgy Penguins collection, currently ranked third by market capitalization.
Pudgy Penguins is rapidly closing in on the market cap of its competitor, the renowned Bored Ape Yacht Club collection, owned by Yuga Labs.
Yuga Labs is also the mastermind behind Cyberpunks, the collection boasting the highest floor price in the market.
Pudgy Penguins is actively developing Pudgy World, an interactive gaming experience slated to be available on the Apple Vision Pro.
In the meantime, Yuga Labs is progressing with the development of the Otherside metaverse, with a planned third “trip” test on the horizon.
While Ethereum’s NFT trade volume has reached a new yearly high, the same cannot be said for the number of NFTs minted on the chain.
Minting trends have remained relatively stagnant over the past year, suggesting that the recent surge in volume primarily originates from NFT sales rather than new creations.
NFL All Day Collection Gains Momentum
The NFL All Day digital collectibles brand, created by Dapper Labs, has gained traction due to the excitement surrounding the Super Bowl.
During the NFL playoffs in January, the sports-themed digital collectible brand released promotional packs of NFTs, leading to several notable sales.
For instance, a non-fungible token featuring Tom Brady fetched over $40,000, while a similar NFT featuring quarterback Aaron Rodgers sold for $34,000.
Overall, the collection has amassed nearly $10 million in sales since the NFL’s regular season commenced in September.
It’s important to highlight that the NFT market has experienced a notable upward trend recently, coinciding with the recovery in cryptocurrency prices.
In October, NFT trading volume surged by $99 million, reaching $405 million, marking levels of sales not seen since August.
Similarly, NFT sales on the Bitcoin (BTC) network reached a significant milestone in December 2023, surpassing $881 million for the first time ever.
Last month, NFT sales on the Bitcoin chain amounted to $881,223,753.92, setting the highest single-month sales record to date.
This impressive figure included 111,713 buyer addresses and 98,744 seller addresses, both of which set the highest single-month records to date.