Ethereum’s NFT Volume is at its Annual Peak!

The volume of NFTs trading on Ethereum has hit its highest level since the end of last year. The increase in volume follows the Pudgy Penguins NFT collection’s rise to second place. Here are the details!

Ethereum’s NFT Volume is on the Rise!

With the leading cryptocurrency Bitcoin embarking on NFT trading, there was an observed decrease in the volume of NFTs traded on Ethereum. According to shared data, the volume of NFTs traded on the Ethereum network has reached its highest level since February 2023.

The rise in the volume of Ethereum‘s NFTs was due to the Pudgy Penguins collection, currently ranked third by market value, nearing the market value of its rival, Yuga Labs’ Bored Ape Yacht Club collection. Yuga Labs is also the holder of the highest-valued collection, Cyberpunks.

According to allegations, Pudgy Penguins is currently developing Pudgy World, an interactive game for the popular technology of recent times, the Apple Vision Pro.

While ETH’s NFT volume is at its highest in a year, the same cannot be said for the Non-Fungible Tokens minted on the chain. Recent volume increases seem to be due primarily to NFT sales rather than minted NFTs.