While this fall undoubtedly saw a significant increase in Bitcoin NFT trading, the volume of Ethereum NFTs traded on-chain is currently at its highest weekly level since the week of February 26, 2023, according to data from The Block.
The increase in Ethereum NFT volume comes as the current #3 NFT collection by market cap, Pudgy Penguins, is approaching the market cap of its rival, Yuga Labs’ Bored Ape Yacht Club Collection. Yuga Labs also owns Cyberpunks, the number 1 collection in terms of bottom price.
Pudgy Penguins is currently developing Pudgy World, an interactive gaming experience that will reportedly come to the Apple Vision Pro, while Yuga Labs is developing the Otherside metaverse, with a third “trip” test planned soon.
While Ethereum trading volume is at its highest level in a year, the same cannot be said for on-chain minted NFTs, which have trended flat over the past year, indicating that the recent spike in volume consisted mainly of NFT sales. instead of mints.