Ethereum in December 2024$ETH

NFT volume increased by 67% compared to the previous week, reaching $186 million. This rapid growth reinforces Ethereum’s strong position in the NFT market and marks a significant milestone for the industry. It also highlights the fact that NFT volume is concentrated on Ethereum compared to other blockchains. So what are the factors that have driven this huge increase in the Ethereum NFT market? How might this development be reflected in other NFT projects?

Ethereum NFT volume has seen a significant jump in December. Last week, it was notable for a trading volume of $186 million, while the previous week, this figure remained at $111 million. This indicates a 67% increase and shows that demand for Ethereum-based NFTs is increasing. While Ethereum continues to lead the NFT ecosystem, Bitcoin’s NFT ecosystem is still not as strong as Ethereum’s, with weekly trading volumes only around $33 million. This difference once again demonstrates Ethereum’s dominant position in NFT trading.

One of the main reasons for this significant increase in the Ethereum NFT market was the huge success of the Pudgy Penguins collection. The launch of the PENGU token also had a big impact. The volume of the Pudgy Penguins collection attracted great attention, reaching $108 million thanks to the PENGU token. While the sales prices of some penguin figures exceeded 29 ETH, there was a decrease in prices after the token launch.

PENGU token$PENGU

The distribution was not limited to Pudgy Penguins asset owners; it also reached many wallets from the Ether and Solana ecosystems. This wide distribution increased the token’s impact in the market and strengthened the interest in the PENGU token. The launch of the PENGU token also triggered other major NFT projects. In particular, collectibles such as Azuki and Doodles saw significant increases with trading volumes of $23 million and $17 million respectively. This development increased investors’ and collectors’ expectations for future token launches.

Ethereum continues to stand out in terms of tokenization strategies, along with the increase in volume in NFT trading. While NFT ecosystems continue to develop on other networks, Ethereum continues to lead as the preferred platform for high-value NFT trading and new markets. Ethereum’s strong position in the NFT space means it will continue to host more large-volume transactions and innovative developments.