Ethereum NFT volume approaching yearly high as Pudgy Penguins eye #2 spot

Metaverse & NFT • February 11, 2024, 5:24PM EST
Published 1 minute earlier on
The Block

Quick Take

  • The volume of NFTs traded on Ethereum in the past week is at its highest level since late February last year, according to data from The Block. 
  • The increase in volume comes as Pudgy Penguins threatens to replace Bored Ape Yacht Club as the NFT collection with the second-highest market cap, after CryptoPunks. 

While this fall undoubtedly saw a significant rise in Bitcoin NFT trading, the volume of Ethereum NFTs traded on-chain is currently at its highest weekly level since the week of Feb. 26, 2023, according to data from The Block. 

The increase in Ethereum NFT volume comes as the current #3 NFT collection by market cap, Pudgy Penguins, approaches the market cap of its rival, the Bored Ape Yacht Club collection owned by Yuga Labs. Yuga Labs also owns Cyberpunks, the #1 collection by floor price. 

Pudgy Penguins is currently developing Pudgy World, an interactive gaming experience that will reportedly come to the Apple Vision Pro, while Yuga Labs is developing the Otherside metaverse, with a planned third "trip" test coming soon. 

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However, while Ethereum trade volume is at its highest level in a year, the same can't be said for NFTs minted on the chain, which trended flat this past year, indicating that the recent spike in volume was primarily made up of NFT sales rather than mints. 


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© 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.

About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].

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