Ethereum NFT trading hits record high since February 2023.

The NFT market on Ethereum is seeing a rise in trade, with the weekly volume reaching its peak since February 2023.

Ethereum NFT Market Surges with Pudgy Penguins and NFL All Day Collections

Ruholamin Haqshanas

Last updated: February 12, 2024 02:06 EST | 2 min read

Source: AdobeStock / denisismagilov

Ethereum’s non-fungible token (NFT) market is currently experiencing a surge in trading activity. In fact, the weekly volume has reached its highest level since February 2023, according to data from CryptoSlam. NFT sales on the Ethereum network have surged by around 100% over the past week, reaching an impressive $158 million. During the same period, other popular blockchains for NFTs, including Bitcoin and Polygon (MATIC), saw their trading volumes drop by around 24% and 10% respectively.

Pudgy Penguins See Growing Popularity

The rise in Ethereum’s NFT volume coincides with the growing popularity of the Pudgy Penguins collection, which is currently ranked third by market capitalization. Pudgy Penguins is rapidly approaching the market cap of its rival, the renowned Bored Ape Yacht Club collection, which is owned by Yuga Labs. Yuga Labs is also the creator of Cyberpunks, the collection boasting the highest floor price in the market. Additionally, 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.

Although Ethereum’s NFT trade volume has soared to a new yearly high, the number of NFTs minted on the chain has remained relatively flat over the past year. This suggests 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 also gained momentum, thanks to the frenzy around the Super Bowl. The sports-themed, digital collectible brand issued promotional packs of NFTs during the NFL playoffs in January, resulting in several high-profile sales. One notable sale featured a non-fungible token featuring Tom Brady, which fetched over $40,000. Similarly, 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.

It’s worth noting that the NFT market has been on an upward trajectory recently, aided by the recovery in crypto prices. In October, NFT trading volume surged by $99 million, reaching $405 million, a level of sales not seen since August. The Bitcoin network also witnessed a milestone in NFT sales in December 2023, surpassing $881 million for the first time ever. The sales on the Bitcoin chain included 111,713 buyer addresses and 98,744 seller addresses, both setting the highest single-month records to date.

Q&A: Answering Your Burning Questions

Q: What is the significance of the surge in NFT trading volume on the Ethereum network?

A: The surge in NFT trading volume on the Ethereum network indicates increasing interest and demand for digital collectibles. It highlights the popularity of Ethereum as a platform for NFT creation and trading.

Q: Why have NFT minting trends remained relatively flat on the Ethereum chain?

A: The relatively flat NFT minting trends suggest that the surge in volume primarily comes from existing NFTs being bought and sold, rather than new NFT creations. This indicates that the market is driven by the trading and speculation of existing assets.

Q: What are some other popular NFT collections besides Pudgy Penguins and the Bored Ape Yacht Club?

A: Some other popular NFT collections include CryptoPunks, Art Blocks, and NBA Top Shot. These collections have gained significant attention and value within the NFT market.

The Future of NFTs and Investment Recommendations

Based on recent trends, it’s clear that NFTs continue to gain momentum and popularity. The Ethereum network remains a dominant platform for NFT trading, with new collections like Pudgy Penguins attracting attention and investment. As the metaverse and interactive gaming experiences associated with these collections develop, the value of these NFTs could further increase.

Investors looking to participate in the NFT market should carefully research and analyze the collections they are interested in. It’s important to understand the long-term potential and utility of the NFTs, as well as the development plans of the creators behind them. Additionally, staying updated on market trends and emerging projects can provide valuable insights for making informed investment decisions.

References

  1. CryptoSlam – NFT Market Data
  2. Polygon (MATIC) Official Website
  3. Dapper Labs – Developer of NFL All Day
  4. Bitcoin (BTC) – Official Website
  5. CryptoPunks – Official Website

Remember, knowledge is power, but sharing knowledge is even more powerful! Don’t forget to share this article with your friends and followers on social media, and let’s continue to explore the exciting world of NFTs together.

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