Ethereum NFT trading volume reached $186 million last week, a three-month high and a 67% increase from the previous week’s $111 million. This growth highlights Ethereum’s continued dominance in the NFT market, contrasting sharply with Bitcoin NFTs, which recorded only $33 million in weekly volume.
The surge was driven by the $PENGU token launch from the Pudgy Penguins collection. Pudgy Penguins alone contributed $108 million in trading volume, with individual NFTs selling for over 29 ETH before prices declined post-token issuance. The token distribution extended eligibility beyond Pudgy Penguin holders to wallets across both Ethereum and Solana ecosystems, broadening its impact.
The token launch also spurred speculative activity in other top NFT collections, with Azuki and Doodles seeing significant increases in trading volume, reaching $23 million and $17 million, respectively. This trend suggests growing market anticipation for tokenization strategies among major NFT projects.
Ethereum’s dominance in the NFT space remains evident as it continues to attract the highest-value trading activity and lead the way in innovation. The success of the $PENGU token has set the stage for other prominent collections to explore tokenization strategies, potentially shaping the future of the NFT ecosystem.