There's no doubt that Bitcoin NFT transactions have increased significantly this fall, but the amount of Ethereum NFTs traded on-chain is now at its highest level since the week of February 26, 2023, according to data from The Block. It has reached the weekly level.
The increase in Ethereum NFT volume comes as Pudgy Penguins, currently the third largest NFT collection by market cap, approaches the market cap of rival Bored Ape Yacht Club collection owned by Yuga Labs . Yuga Labs also owns the #1 collection by floor price, Cyberpunks.
Pudgy Penguins is currently developing Pudgy World, an interactive gaming experience that is reportedly coming to Apple Vision Pro. Meanwhile, Yuga Labs is developing his Otherside metaverse, with a third “trip” test scheduled soon.
However, while Ethereum trading volume is at its highest level in a year, the same cannot be said for NFTs minted on-chain, which have trended flat over the last year and the recent surge in trading volume is primarily due to NFTs minting on-chain. It is shown that it is made up of sales. Rather than mint.
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