“Ethereum NFTs Hit $186M in Weekly Trading, Powered by Pudgy Penguins”

Ethereum’s NFT trading volume surged to $186 million last week, marking a 67% increase from the previous week’s $111 million. This surge in activity represents the highest volume seen in the past three months. A major driver behind this rise was the Pudgy Penguins collection, which saw a significant boost following the launch of its $PENGU token. The Pudgy Penguins collection alone generated $108 million in trading volume, with individual penguins selling for as much as 29 ETH before experiencing a decline after the token launch.

The token launch was not limited to Pudgy Penguins asset holders, as it expanded to include various eligible wallets from both the Ethereum and Solana ecosystems, broadening its market reach. The excitement created by this launch reverberated throughout the NFT space, leading to increased activity in other major collections as well. Azuki recorded $23 million in trading volume, while Doodles saw $17 million in volume, reflecting growing interest in tokenized NFTs. This trend points to a larger shift toward NFT tokenization within the market.

While Ethereum experienced significant growth, other blockchain networks like Bitcoin are still far behind in terms of NFT activity. Bitcoin, the second-largest NFT ecosystem, recorded only $33 million in weekly volume, a small fraction of Ethereum’s activity. This reinforces Ethereum’s continued dominance in the NFT space, as it remains the platform of choice for high-value NFT trading.

The surge in Ethereum NFT trading also highlights broader trends in the NFT market, where collections are increasingly exploring tokenization strategies. The success of the Pudgy Penguins’ $PENGU token launch has sparked speculation about whether other major collections will follow suit. The market is keenly watching to see if other leading NFT projects adopt similar strategies, potentially further amplifying Ethereum’s influence in the space.

Ethereum’s NFT market has seen a dramatic rise in trading volume, driven by the success of the Pudgy Penguins’ $PENGU token launch and the increasing interest in other collections. While Ethereum’s dominance in the NFT space remains unchallenged, the growing trend of NFT tokenization could bring further changes to the market as other collections explore similar initiatives.