Non-fungible token (NFT) trading volume on the Ethereum network has reached its highest level in nearly a year.
NFT trading volume has hit its highest weekly level since February 26, 2023, according to the latest data from CryptoSlam.
The increase in Ethereum NFT volume comes as Pudgy Penguins, currently the third largest NFT collection by market cap, approaches the market cap of competitor Yuga Labs’ Bored Ape Yacht Club (BAYC) collection. . Yuga Labs also has the lowest priced collection, Cyberpunks.
Pudgy Penguins is an NFT that is a collection of 888 penguins. Released on the Ethereum blockchain in 2021, these virtual avatars gained widespread popularity due to their design and exclusivity. Pudgy Penguins is currently developing his Pudgy World, an interactive gameplay experience said to be coming to Apple Vision Pro. Yuga Labs is creating his Otherside metaverse, and a third “journey” test is planned soon.
However, despite the increase in Ethereum trading volume, the same cannot be said for NFTs minted on-chain, which have seen a flat trend over the past year, with NFT sales primarily driven by the recent spike in trading volume. It shows that it is being towed.
At the same time, the hype surrounding ERC-404 tokens caused the average fee on the Ethereum network to jump to 70 Gwei on February 9th. According to Etherscan, gas prices reached Gwei 377 at their peak. The last time such indicators were recorded was on May 12, 2023.