Last week, Ethereum-based non-fungible token (NFT) collections experienced a significant surge in sales volume, driving the overall digital collectible market to reach $304 million. According to CryptoSlam data, Ethereum NFTs accounted for 66% of all NFT sales volume over the past seven days, with a whopping 76% week-on-week increase that pushed their total sales volume to $201 million.
This figure represents a substantial jump from the previous week’s $115 million in sales volume. Interestingly, Bitcoin-based NFTs recorded $40 million in sales, while Solana-based collections had $29 million. Other blockchains such as Mythos Chain, Immutable, Polygon, and BNB Chain collectively contributed to a weekly volume of $25.9 million.
Despite this impressive performance, the weekly record still falls short of the $296 million NFT sales record for September, which marked the lowest monthly sales volume since 2021. The dominance of Ethereum-based NFT collections was further emphasized by the fact that seven out of the top 10 NFT collections by sales volume were built on this blockchain.
The Pudgy Penguins collection emerged as the clear winner, recording a massive $54.4 million volume, making it the top collection for the week. Its LilPudgys sub-collection also did exceptionally well, recording nearly $20 million in sales. Other popular NFT collections like Doodles and CryptoPunks also made it into the top 10 collections by sales volumes last week, with Doodles recording $13 million and CryptoPunks recording $7.4 million.
Despite the success of these collections, it’s worth noting that the Pudgy Penguins’ crypto token has been struggling, with its value dropping by over 50% after its launch on Dec. 17. Overall, the strong performance of NFT sales volumes in December continues the upward trend seen throughout the year, suggesting that the industry may be entering a new phase of growth and mainstream adoption.
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