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Ethereum NFT Market Witnesses Surge in Trading Activity as Volume Hits 8-Month High

Key Takeaways

‌The Ethereum-based NFT market has seen increased momentum recently, with trading volumes surging over 100% to reach the highest level since February 2023.

Popular NFT collections like Pudgy Penguins and NFL All Day are gaining traction, contributing to high trading volumes and sales.

The overall NFT market has also been rising, with crypto price recoveries propelling increased NFT activity.

Ethereum NFT Volume Surges

According to data from CryptoSlam, the weekly trading volume for NFTs on the Ethereum blockchain jumped by approximately 100% to $158 million for the week ending January 20, 2023. This marks the highest weekly volume since February 2023.

In contrast, the NFT trading volume on other popular blockchains like Bitcoin and Polygon saw a decrease of around 24% and 10%, respectively. The surge in Ethereum NFT trading activity indicates that the blockchain continues to dominate the NFT market.

Several high-profile NFT collections contributed to the increased trading volumes on Ethereum. The Pudgy Penguins NFT collection is nearing the market capitalization of the prominent Bored Ape Yacht Club and is developing an interactive game called Pudgy World. Meanwhile, the NFL All Day Collection gained traction during the NFL playoffs with promotional NFT packs. This resulted in high-value NFT sales of NFL stars like Tom Brady and Aaron Rodgers.

Overall NFT Market on the Rise

The increased Ethereum NFT activity is a part of the broader recovery in the overall NFT market, which has been rising recently with crypto price gains. In October 2023, NFT trading volume spiked by $99 million to reach $405 million. Additionally, Bitcoin network NFT sales achieved a record high in December 2023, surpassing $881 million.

However, while Ethereum NFT trading volumes are rising, the number of newly created NFTs on the blockchain has remained fairly stable over the past year.< Twitter: https://t.co/fk00aWnm7Q


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