TL;DR
- Ethereum NFTs Reach New Peak: Weekly Volume Soars
- Pudgy Penguins Rivals Bored Ape Yacht Club in the World of NFTs
- NFL All Day Boosts NFT Market: Sales Exceed $10 Million
The non-fungible token (NFT) market is seeing notable growth on the Ethereum network, with weekly trading volume reaching its highest point since February 2023.
According to data from CryptoSlam, NFT sales on Ethereum have increased by approximately 100% in the last week, reaching an impressive $158 million.
This increase in trading activity contrasts with a decrease in trading volume on other popular blockchains for NFTs, such as Bitcoin and Polygon.
One of the drivers of this growth is the growing popularity of the Pudgy Penguins collection, which is close to reaching the market capitalization of its rival, Bored Ape Yacht Club.
The collection is actively developing Pudgy World, an interactive game expected to be available on Apple Vision Pro.
In addition, a new test “trip” is expected for the Otherside metaverse, developed by Yuga Labs, also creators of the famous Cyberpunks collection, which boasts the highest base price on the market.
Another notable NFTs collection is NFL All Day, developed by Dapper Labs
During the playoffs and Super Bowl, the collection issued promotional NFT packs, resulting in high-profile sales.
For example, a non-fungible token with Tom Brady’s image sold for more than $40,000, while a similar one of Aaron Rodgers fetched $34,000.
Since the start of the NFL regular season in September, the collection has racked up nearly $10 million in sales.
Despite the increase in trading volume, new NFT creation trends on the Ethereum network have remained relatively stable over the past year.
This indicates that the surge in trading volume mainly originates from the ongoing sales activity of existing NFTs.
This implies that while the volume of transactions has significantly increased, it is primarily driven by the buying and selling of already-existing NFT assets rather than the creation of new ones.
Overall, the NFT market is experiencing a period of intense activity and growth, with the Ethereum network leading this momentum.
Exciting developments in collections such as Pudgy Penguins and NFL All Day, along with the increase in trading volume in the broader market, indicate a promising future for NFT technology and its integration into various sectors.
