While this fall has undoubtedly seen a spike in Bitcoin NFT trading, the volume of Ethereum NFTs circulating on-chain is currently at the highest weekly level since the week of February 26, 2023, according to data from The Block.
The increase in Ethereum NFT volume comes as the current No. 3 NFT group by market cap, Pudgy Penguins, approaches the market cap of its competitor, Yuga Labs-owned Bored Ape Yacht Club. Yuga Labs also has a Cyberpunks collection, the top collection in terms of price.
Pudgy Penguins is currently developing Pudgy World, an interactive gaming experience coming to the Apple Vision Pro, while Yuga Labs is developing the Otherside metaverse, with a third “ride” test planned soon.
However, while Ethereum trade volume is at its highest level in a year, the same cannot be said for on-chain NFTs, which have trended flat in the past year, suggesting that the recent surge in volume has mainly been made up of… NFT sales. Instead of mint.
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