While this fall has undoubtedly seen a significant increase in Bitcoin NFT transactions, the volume of Ethereum NFTs traded on-chain is currently at its highest weekly level since the week of February 26, 2023, according to data from The Block.
The increase in Ethereum NFT volume comes as Pudgy Penguins, currently the third-largest NFT collection by market cap, is approaching the market cap of the Bored Ape Yacht Club collection, owned by rival Yuga Labs. Yuga Labs also owns Cyberpunks, the #1 collection by lowest price.
Pudgy Penguins is currently developing Pudgy World, an interactive gaming experience said to be coming to Apple Vision Pro, and Yuga Labs is developing the Otherside metaverse, with a third “trip” test expected soon.
However, while Ethereum trading volume has reached its highest level in a year, the same cannot be said for NFTs issued on the chain. This has been flat over the past year, indicating that the recent surge in trading volume has been primarily driven by NFT sales. Rather than mint
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