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Ethereum NFT volume inching closer to a new annual peak

This past week, Ethereum witnessed the biggest volume of NFT trades since late February of last year.

Pudgy Penguins’ restoration of the Bored Ape Yacht Club is what caused the increase in NFT trading on Ethereum. This NFT assortment ranks second, according to the organization, with regard to market capitalization. CryotoPunks occupy the highest position.

As per information gathered from The Block, this is in tune with bitcoin NFT trading, which is experiencing a significant surge. 

The rise in the volume of Ethereum NFT is happening at a time when the present 3 NFT collection, Pudgy Penguins, in terms of market cap, comes closer to the market cap of its competitor. This is the Bored Ape Yacht Club collection, whose owner is Yuga Labs. The company also owns CyberPunks, which is in the top spot in terms of floor price.

Pudgy Penguins is involved in building Pudgy World. This comes with interactive gaming exposure that will, in all probability, go to Apple Vision Pro. On the other hand, Yuga Labs is engaged in building the Otherside metaverse, with an imminent third trip of testing on the horizon. 

Even though Ethereum trading volume is experiencing an upward thrust, it is not the same for NFTs minted on the chain. This points the finger towards NFT sales being behind the surge and not mints.

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