In the past week, the NFT transaction volume on the Ethereum chain reached 148 million US dollars, a record high in nearly a year

Binance News · 2024-02-12T06:14:55.000Z

According to the Daily Planet, The Block data shows that the NFT transaction volume on the Ethereum chain reached US$148 million in the past week (February 4-11), the highest weekly transaction volume since the week of February 26, 2023. The increase in Ethereum NFT transaction volume comes as the current market cap of the third-largest NFT series, Pudgy Penguins, approaches that of its competitor, Yuga Labs’ Bored Ape YachtClub series. However, while Ethereum’s weekly transaction volume is at its highest level in a year, the number of NFTs mint on the chain has not seen a similar increase, suggesting that the recent surge in transaction volume is mainly caused by NFT sales rather than mint.

According to the Daily Planet, data from The Block shows that the NFT transaction volume on the Ethereum chain reached US$148 million in the past week (February 4-11), the highest weekly transaction volume since the week of February 26, 2023. The increase in Ethereum NFT transactions is because the market value of Pudgy Penguins, the NFT series currently ranked third in market value, is close to the market value of its competitor Yuga Labs' Bored Ape YachtClub series. However, while Ethereum's weekly transaction volume has reached its highest level in a year, the number of NFTs minted on the chain has not seen a similar increase, indicating that the recent surge in transaction volume is mainly due to NFT sales rather than mints.

In the past week, the NFT transaction volume on the Ethereum chain reached 148 million US dollars, a record high in nearly a year

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