The Ethereum network is witnessing a remarkable surge in non-fungible token (NFT) trading activity, reaching its highest weekly volume since February 2023.
Pudgy Penguins: Rising Stars in the NFT Universe
Amidst this surge, the Pudgy Penguins collection has emerged as a frontrunner, rapidly closing in on the market cap of its prominent counterpart, the Bored Ape Yacht Club.
Ethereum’s NFT trading volume has skyrocketed by approximately 100% over the past week, totalling an impressive $158 million. This surge contrasts with the decline in trading volumes observed on other popular blockchains for NFTs, such as Bitcoin and Polygon (MATIC), which experienced drops of around 24% and 10%, respectively.
The surge in Ethereum NFT volume is notably attributed to the growing popularity of the Pudgy Penguins collection, currently ranked third by market capitalization. The collection’s success is closely tied to its development of Pudgy World, an interactive gaming experience set to debut on the Apple Vision Pro.
Yuga Labs, the creator of the renowned Bored Ape Yacht Club and Cyberpunks collections, 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 trading surge primarily stems from NFT sales rather than new creations.
NFL All Day Collection Scores Big
Adding to the momentum in the NFT market is the NFL All Day digital collectibles brand, developed by Dapper Labs, which gained traction during the NFL playoffs in January. Notably, NFTs featuring legendary quarterbacks Tom Brady and Aaron Rodgers fetched significant sums, with individual sales exceeding $40,000 and $34,000, respectively.
Since the commencement of the NFL’s regular season in September, the NFL All Day collection has generated nearly $10 million in sales.
The recent uptick in NFT trading activity mirrors the broader recovery in cryptocurrency prices. In October, NFT trading volume surged to $405 million, marking a notable increase from previous months.
Similarly, NFT sales on the Bitcoin network reached unprecedented levels in December 2023, surpassing $881 million, with record-breaking participation from buyers and sellers alike.
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