The Ethereum NFT market is on the verge of reaching its highest volume for the year

Crypto News– During this recent period, Bitcoin NFT trading experienced a notable surge, yet Ethereum NFT trading volume has reached its peak weekly level since the week of February 26, 2023, according to data sourced from The Block.

The Ethereum NFT market is on the verge of reaching its highest volume for the year

This uptick in Ethereum NFT volume coincides with Pudgy Penguins, currently positioned as the third-largest NFT collection by market cap, closing in on the market cap of its competitor, the Bored Ape Yacht Club collection owned by Yuga Labs. Yuga Labs is also behind Cyberpunks, the leading collection by floor price.

Pudgy Penguins is currently in the process of developing Pudgy World, an ambitious project aimed at creating an immersive gaming platform. This platform, as per reports, is gearing up for launch on the Apple Vision Pro, promising users a unique and engaging gaming experience. On the other hand, Yuga Labs, the entity behind the Bored Ape Yacht Club and Cyberpunks, is actively engaged in crafting the Otherside metaverse. With an imminent third “trip” test on the horizon, anticipation is building around the potential of this innovative virtual world.

Despite the surge in Ethereum’s NFT trade volume, the chain has witnessed a relative stagnation in the minting of new NFTs over the past year. This phenomenon suggests that the recent spike in trading activity primarily stems from the sale and exchange of existing NFTs rather than the creation of new ones. This trend underscores the growing interest and demand for NFT assets within the Ethereum ecosystem, as traders and collectors engage in transactions to acquire or trade existing digital assets.