There is no doubt that Bitcoin NFT transactions have increased significantly this fall, but the amount of Ethereum NFTs traded on-chain is currently at its highest level since the week of February 26, 2023, according to data from The Block. It has reached the weekly level.
The increase in Ethereum NFT volume comes as Pudgy Penguins, currently the third largest NFT collection by market cap, approaches the market cap of rival Bored Ape Yacht Club collection owned by Yuga Labs . Yuga Labs also owns the #1 collection by floor price, Cyberpunks.
Pudgy Penguins is currently developing Pudgy World, an interactive gaming experience that is reportedly coming to Apple Vision Pro. Meanwhile, Yuga Labs is developing his Otherside metaverse, with a third “trip” test scheduled soon.
However, while Ethereum's trading volume is at its highest level in a year, the same cannot be said for NFTs minted on-chain, which have trended flat over the last year and the recent spike in trading volume is primarily due to NFTs minting on-chain. It is shown that it is made up of sales. Rather than mint.
Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block remains independently operated to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
