NFT trading volumes on the Ethereum network have soared to their highest levels in almost a year, a recent report from CryptoSlam revealed. The data shows that NFT trading volumes have reached their peak weekly level since February 26, 2023.
This surge in Ethereum NFT volume coincides with the rise of Pudgy Penguins, currently the third-largest NFT collection by market cap, closing in on its competitor, Yuga Labs’ Bored Ape Yacht Club (BAYC) collection. Yuga Labs, the owner of Cyberpunks, the most affordable collection, is also in the process of developing the Otherside metaverse, with plans for a third “traveling” test in the works.
Pudgy Penguins, a collection of 888 virtual penguins released on the Ethereum blockchain in 2021, has gained immense popularity for its unique design and exclusivity. The project is now working on Pudgy World, an interactive gameplay experience set to launch on the Apple Vision Pro platform.
Despite the significant increase in trading volume on Ethereum, on-chain minted NFTs have shown a stagnant trend over the past year, suggesting that the recent surge in volume is primarily driven by NFT sales. Additionally, the hype surrounding ERC-404 tokens led to a spike in average transaction fees on the Ethereum network, with gas costs peaking at 377 Gwei on February 9, according to Etherscan.
In conclusion, while NFT trading volumes continue to soar on Ethereum, the market is experiencing some interesting dynamics that are reshaping the landscape of digital collectibles.