Ethereum-based NFT Sales Skyrocket as Interest Resurges
Summary:
Ethereum-based nonfungible tokens (NFTs) are witnessing a resurgence, with notable sales this week. Wrapped Ether Rock #46 and Bored Ape Yacht Club (BAYC) #1726 sold for $496,658 and $668,297 respectively, as per data from blockchain analytics firm CryptoSlam. Ethereum's NFT sales volume rose by nearly 100% over the past week to $159.5 million, driven in part by the Nobody NFT collection's 25% sales increase. Meanwhile, NFT sales volume on Bitcoin fell by 25%. The Pudgy Penguins NFT collection also witnessed a surge in popularity, creating a new floor price record. The NFT market has witnessed a decline since May 2022.
Nonfungible tokens (NFTs) minted on the Ethereum blockchain are witnessing a resurgence with rising sales numbers this week. An NFT known as Wrapped Ether Rock #46 fetched a price of $496,658 on Monday, closely following the sale of Bored Ape Yacht Club (BAYC) #1726 NFT for $668,297 just four days earlier, blockchain data compiler CryptoSlam reported. These notable transactions mark the second and third highest NFT sales this month, subsequent to the $1.53 million purchase of CryptoPunk #5363 on January 31.
Anndy Lian, a governmental blockchain specialist and author, explains that ownership of wrapped Ether Rock and BAYC NFTs signify more than mere possession; they emblemize a status within the NFT aficionado community. He prognosticates an upward trend in the crypto market, which resurrects the narrative of NFTs representing a social and cultural capital among enthusiasts.
Data shows a significant increase of 99.42% in Ethereum’s NFT sales over the past week, summing up to $159.5 million. This upsurge is largely fueled by a 25% spike in sales from the Nobody NFT collection, resulting in a weekly sales revenue of $8.76 million for the network. In contrast, Bitcoin's NFT sales dipped by 25% to $47.5 million over the same duration.
CryptoSlam's NFT Strategist, Yehudah Petscher, observes a shift in trader's interest back to Ethereum originating from a heightened interest in Bitcoin Ordinals engravings and Solana-specific NFTs. He stated, “We now see cycles not just between assets like crypto, memecoins, NFT art, and NFT PFPs, but between blockchains as well. Traders gravitate where liquidity and potential profit are present and they started to see these factors elsewhere."
The popularity of the Pudgy Penguins NFT saw a sharp increase, setting a new highest floor price record of 21.5 ETH ($53,427) on Sunday which later corrected to the current floor price of 20.28 ETH ($50.395). These NFTs are a mere 13.1% adrift from the 22.94 ETH ($57,000) floor price of the Bored Ape Yacht Club, the second biggest Ethereum-based NFT collection, as per NFTPriceFloor data.
In the last seven days, the sales volume of Pudgy Penguins has escalated remarkably by 143% to $6.8 million, making it the fourth largest NFT collection by weekly sales volumes out of all blockchains, according to CryptoSlam.
Pudgy Penguins gained momentum in December with the announcement of Pudgy World Alpha, an open-world gaming experience built on blockchain technology and slated to release in the first quarter of 2024.
Since May 2022, the NFT market has seen a slight decline. The lowest prices or the so-called floor prices of renowned NFT collections like CryptoPunks and BAYC have dropped by 48% and 82% respectively from their peak values.
Published At
2/12/2024 6:28:23 PM
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