Ethereum’s non-fungible token (NFT) market is experiencing a surge in trading activity, with weekly volume reaching its highest level since February 2023.
According to data from CryptoSlamNFT sales on the Ethereum (ETH) network increased by approximately 100% over the past week, reaching a whopping $158 million.
During this period, other popular blockchains for NFTs, including Bitcoin and Polygon (MATIC), saw their trading volume drop by approximately 24% and 10%, respectively.
Chubby penguins are seeing growing popularity
The rise in Ethereum NFT volume coincides with the growing popularity of the Pudgy Penguins collection, which currently ranks third in market capitalization.
Pudgy Penguins is quickly approaching the market capitalization of its rival, the renowned Bored Ape Yacht Club collection, owned by Yuga Labs.
Yuga Labs is also the maker of Cyberpunks, the collection with the highest floor price on the market.
Pudgy Penguins is actively developing Pudgy World, an interactive gaming experience expected to be available on the Apple Vision Pro.
Meanwhile, Yuga Labs is working on the Otherside metaverse, with a planned third ‘trip’ test on the horizon.
While Ethereum’s NFT trading volume has soared to a new annual high, the same cannot be said for the number of NFTs minted on-chain.
Coin trends have remained relatively flat over the past year, suggesting that the recent increase in volume is primarily driven by 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 thanks to the frenzy surrounding the Super Bowl.
The sports-themed digital collectible brand released promotional packs of NFTs during the NFL playoffs in January, resulting in several high-profile sales.
Specifically, a non-fungible token with Tom Brady raised over $40,000while a similar NFT featuring quarterback Aaron Rodgers sold for $34,000.
In total, the collection has generated nearly $10 million in sales since the NFL regular season began in September.
Ripping packs with the legend @JoeMontana 🏈🏆
Full video coming tomorrow on @PackmanCards YouTube 👀 https://t.co/fk00aWnm7Q
— NFL ALL DAY (@NFLALLDAY) February 11, 2024
It is worth noting that the market for NFTs has been on an upward trajectory lately, amid the recovery in crypto prices.
In October, NFT trading volume increased by $99 millionwhich reached $405 million, representing a revenue level not seen since August.
Likewise, sales of NFTs on the Bitcoin (BTC) network reached a new milestone in December 2023, surpassing $881 million for the first time ever.
NFT sales on the Bitcoin chain reached $881,223,753.92 last month, which is the highest single-month sales record to date.
This included 111,713 buyer addresses and 98,744 seller addresses, both of which achieved the highest monthly records to date.