Ethereum's NFT trading volume surged to $186 million last week, marking a 67% increase from the previous week's $111 million.
Ethereum's NFT trading volume surged to $186 million last week, marking a 67% increase from the previous week's $111 million. This jump in activity represents the highest volume in the last three months. The Pudgy Penguins collection played a key role in this surge following the launch of its $PENGU token. The Pudgy Penguins collection generated $108 million in trading volume, with individual penguins trading for as high as 29 ETH before experiencing a drop after the token launch.
The token launch extended beyond Pudgy Penguin asset holders to include various eligible wallets from both Ethereum and Solana ecosystems, broadening its market reach. The resulting excitement in the NFT space sparked increased activity in other major collections as well. Azuki saw $23 million in trading volume, and Doodles recorded $17 million in volume, showing a rising interest in tokenized NFTs. This shift highlights the growing trend toward NFT tokenization across the market.
While Ethereum saw significant growth, other blockchain networks such as Bitcoin still lag behind in terms of NFT activity. Bitcoin, the second-largest NFT ecosystem, recorded only $33 million in weekly volume, a fraction of Ethereum's activity. This underlines Ethereum's continued dominance in the NFT space, as it remains the preferred platform for high-value NFT trading.
The surge in Ethereum NFT trading also points to broader trends in the NFT space, where collections are increasingly considering tokenization strategies. The success of Pudgy Penguins’ $PENGU token launch has fueled speculation about whether other major collections will adopt similar approaches. The market is watching closely to see if other big names in the NFT world will follow suit, potentially further expanding Ethereum’s influence in the sector.
Ethereum’s NFT market has seen a dramatic rise in trading volume, driven by Pudgy Penguins’ pengu and increased interest in other collections. Ethereum’s dominance remains unchallenged, but the growing trend of NFT tokenization could lead to more changes in the market as other collections explore similar strategies.
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