The Ethereum non-fungible token (NFT) market is witnessing a significant surge in trading activity, reaching its highest weekly volume since February 2023.
According to CryptoSlam data, NFT sales on the Ethereum (ETH) network have surged by approximately 100% over the past week, totaling an impressive $158 million.
During this period, other prominent blockchains for NFTs, such as Bitcoin and Polygon (MATIC), experienced declines in trading volume by around 24% and 10%, respectively.
Rising Popularity of Pudgy Penguins
The surge in Ethereum NFT volume corresponds with the increasing popularity of the Pudgy Penguins collection, currently ranked third by market capitalization.
Pudgy Penguins is quickly approaching the market cap of its competitor, the renowned Bored Ape Yacht Club collection, owned by Yuga Labs.
Yuga Labs, the creator of Cyberpunks, which boasts the highest floor price in the market, is actively developing the Otherside metaverse, with a planned third “trip” test on the horizon.
On the other hand, Pudgy Penguins is developing Pudgy World, an interactive gaming experience expected to be available on the Apple Vision Pro.
Minting Trends and NFT Creations
Despite the surge in Ethereum’s NFT trade volume to a new yearly high, minting trends have remained relatively flat over the past year. This indicates that the recent surge in volume primarily stems from NFT sales rather than new creations.
NFL All Day Collection Gains Momentum
The NFL All Day digital collectibles brand, developed by Dapper Labs, has gained momentum, particularly during the frenzy around the Super Bowl.
During the NFL playoffs in January, the sports-themed digital collectible brand issued promotional packs of NFTs, resulting in several high-profile sales.
For instance, an NFT featuring Tom Brady fetched over $40,000, while a similar NFT featuring quarterback Aaron Rodgers sold for $34,000.
Since the NFL’s regular season began in September, the collection has accumulated nearly $10 million in sales.
Overall Market Trends
The NFT market has been on an upward trajectory recently, paralleling the recovery in crypto 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 new 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 included 111,713 buyer addresses and 98,744 seller addresses, both setting new single-month records.