Is the non-fungible token (NFT) sector waking up? On Ethereum (ETH), trading volumes are on the rise, with some collections making a splash. Here’s a closer look at the latest trends, as Ordinals registrations have slowed in recent weeks.
On Ethereum, NFT trading volume is on the rise
According to data shared by The Block, Ethereum NFT exchange volume hadn’t reached this threshold for a year, during the week of February 26, 2023. We can indeed see a gradual rise in volumes on the Ethereum blockchain, which is not yet back to levels comparable to those of January 2023, however:
NFT and Ordinals trading volume, by blockchain
We can also see that if we look at total volumes, the breakthrough of recent months has been largely driven by Ordinals listings on Bitcoin (BTC). For Ethereum, the rise has been slower, but also more gradual. Volumes linked to Ordinals have indeed been lower in recent weeks, if we compare them with December.
Interest in collections
Over the week, the trading volume of Ethereum NFTs rose by 100.2%, reaching $159 million. By comparison, Solana NFTs grew by just 1.3% over the same period. Bitcoin Ordinals, meanwhile, saw their volume fall by 23.6%.
So what are the winning collections of recent weeks? According to data collected by CoinGecko, the Pudgy Penguins are currently threatening the place of the Bored Ape Yacht Club (BAYC), and overtaking the Mutant Ape Yacht Club:
NFT collections on Ethereum by capitalization
If we look at the volume over 24 hours, we also see that “Lil Pudgy” is the most traded collection recently, followed by DeGods and Pudgy Penguins. It’s worth noting that the collections now exist within “Pudgy World”, an interactive digital world. The brand has also gone offline, offering physical toys in selected Walmart stores.
Will the enthusiasm for Ethereum NFTs continue? As is often the case, the cryptocurrency markets will also have their part to play. Over the week, the Ethereum ETH is up 8.7%, with the price now back above $2,500.
