Ethereum NFTs Hit $75M as Weekly Volume Climbs to 6-Month High

• Weekly NFT trading volume surpasses $143.5 million, driven by Ethereum's 300% surge.
• Pudgy Penguins, CryptoPunks, and Yuga Labs’ metaverse pivot fuel market recovery.

On July 21, 2024, the non-fungible token (NFT) market reached a six-month high, with weekly trading volumes exceeding $143.5 million and at times touching $167 million. Ethereum-based projects drove this rebound, posting weekly trading volumes of $75 million to $80 million—a 300% surge. In addition, Ethereum’s native cryptocurrency, ETH, rose nearly 50% over the past 90 days, signaling a broader ecosystem recovery. While Bitcoin NFTs recorded increased activity, Polygon saw its NFT volume decline.

Pudgy Penguins stood out as a notable contributor to the market resurgence. After Pudgy Penguins announced plans for an exchange-traded fund (ETF) tied to its PENGU token, the collection's floor price jumped by 60%. As a result, the ETF proposal fueled widespread interest, pushing Pudgy Penguins’ weekly sales up by 247.32% to $9.3 million. This activity bolstered its position as a key player in the latest wave of NFT trading.

Meanwhile, CryptoPunks also experienced a surge in buyer activity, with its floor price climbing from 38 ETH to over 43 ETH in the past week. A crypto whale helped fuel this increase by acquiring 45 CryptoPunks in a single multimillion-dollar transaction. High-value sales also contributed to the sector's revival; for instance, one CryptoPunk traded for 200 ETH (~$725,130), which reignited interest in the collection.

Yuga Labs, creator of the Bored Ape Yacht Club, shifted its focus to its metaverse platform, Otherside. To streamline this transition, the company leveraged intellectual property rights for collections like CryptoPunks and Meebits. Yuga Labs now prioritizes its metaverse ecosystem and is developing AI tools that enable virtual world creation, positioning itself as a long-term leader in the space.

While Ethereum dominated the NFT resurgence, Bitcoin-based NFTs also gained traction, with weekly trading volumes estimated at $26 million. In contrast, Polygon struggled with declining trading volume, illustrating the uneven momentum across blockchain ecosystems.

According to CoinMarketCap on July 21, Ethereum (ETH) traded at $3,647.46 as of 00:09 UTC. This price reflects a 4.51% increase in the past 24 hours. A 77.52% spike in ETH’s 24-hour volume further underscored growing investor confidence in the Ethereum blockchain, which is a critical factor in the broader recovery of NFT trading.