Last week, sales of Non-Fungible Tokens (NFTs) based on Ethereum recorded a strong increase, pushing the total weekly digital NFT trading volume to $304 million, up nearly 32% from the previous week.
The data tracking tool CryptoSlam reported that Ethereum-based NFT sales increased 76% week-over-week, reaching $201 million, accounting for 66% of the total NFT trading volume last week.
In comparison, Bitcoin-based NFTs recorded $40 million in sales, while Solana-based collections reached $29 million. Mythos Chain, Immutable, Polygon, and BNB Chain had a combined weekly trading volume of $25.9 million.
This weekly NFT sales record has surpassed the previous high of $296 million in September, when the digital collectibles sector recorded its lowest monthly sales since 2021.
Last week, seven out of the top 10 NFT collections by trading volume were Ethereum-based. The Pudgy Penguins collection led the way with $54.4 million in sales, becoming the best-selling collection of the week. The second spot went to LilPudgys, the offspring project of Pudgy Penguins, with nearly $20 million in sales.
The Azuki collection recorded a 130% increase week-over-week, reaching $18 million in sales. Notably, the Azuki Elementals collection of the project grew 226% weekly, reaching $7 million in sales.
Additionally, well-known NFT collections such as Doodles and CryptoPunks also made it to the top 10 collections. Doodles achieved $13 million in sales, while CryptoPunks recorded $7.4 million.
The NFT trading volume has seen strong growth since the beginning of December. In the first week of the month, NFT sales reached $187 million, with the Pudgy Penguins collection continuing to dominate the market with $25 million in sales.
However, while Pudgy Penguins is the leading NFT collection in terms of trading volume, the cryptocurrency token of this collection is not very promising. On December 17, the Pudgy Penguins (PENGU) token witnessed a steep decline of more than 50% after its launch. At the time of writing, the PENGU price is trading at $0.026, down around 60% from its ATH.
In just 21 days, NFT sales in December have reached $678 million, surpassing the previous record of $562 million set the month before. This achievement also makes December the best-performing month since May, when the NFT space recorded $602 million in sales.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.
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Annie
According to Cointelegraph
