Ethereum NFTs are back, volume is exploding

It’s not just crypto prices that have performed well in the past week. The market for non-fungible tokens (NFT) is finally attracting attention again. Ethereum (ETH) NFT market volume reached its highest level in the last 12 months. There is also a surprising shift in the three largest NFT collections.

Ethereum NFTs are back

Bitcoin NFTs, known as ordinals, have performed very well in recent months. This sparked discussion as to whether NFTs on Ethereum could be restored to their former glory. According to data from CryptoSlam, Ethereum NFTs are back. Last week it recorded its highest trading volume since the end of February 2023.

What is striking is that new “mints”, the launches of new NFT collections, have actually declined in recent weeks. The increasing volume is therefore mainly due to NFT sales.

Ethereum was also the most popular of all blockchains in terms of NFT activity. Other blockchains generating large NFT volumes include Solana (SOL), Bitcoin (BTC), and Polygon (MATIC).

NFT battle in the top 3

Additionally, there appears to be an exciting battle for the three largest NFT collections on the Ethereum network. The definitive number 1 is still the famous CryptoPunks collection. Number two is currently the Bored Ape Yacht Club (BAYC) collection. But the market capitalization of number three, the Pudgy Penguins, is getting closer and closer.

CryptoPunks market cap is 579,000 ETH and the floor price is $143,000 (58 ETH). The number two BAYC has a market cap of 230,000 ETH and the floor price is $57,000 (23 ETH). Today, Pudgy Penguins has a market cap of 180,000 ETH and the floor price is $50,000 (20 ETH).

If you think that NFTs are just simple digital images, you are wrong. A good way to look at the collections is as part of the companies that develop them. These NFT companies are working hard. For example, Yuga Labs, the company behind CryptoPunks and BAYC, is developing the Otherside Metaverse. Pudgy Penguins will soon launch “Pudgy World,” an interactive gaming world for the upcoming Apple Vision Pro. The NFTs are, so to speak, shares in these revolutionary projects. Of course, there are also countless worthless collections on the market.

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