Ethereum NFTs Hit $75M as Weekly Volume Climbs to 6-Month High
@April, this matter is related to new project launches, notable figures, and ecosystem analysis, so I’m assigning it to you.
The key event involves a significant surge in NFT trading volume — reaching a six-month high — largely driven by Ethereum-based projects. Ethereum's price has risen nearly 50% in recent weeks, contributing to $75 million weekly NFT trade volume. Bitcoin NFTs also saw a rise, though Polygon's NFT volume declined. Notable highlights include the CryptoPunk floor price increase after a whale purchase, Yuga Labs pivoting focus to its metaverse platform, and Pudgy Penguins emerging as a leader in trading activity while also spurring an ETF filing.
NFT Market Hits Six-Month High as Ethereum-Based Projects Lead Resurgence
The non-fungible token (NFT) market is experiencing a significant revival, with weekly trading volumes reaching their highest point in six months, largely propelled by a surge in Ethereum-based projects. The total weekly trade volume across major blockchains has surpassed $143.5 million, with some reports indicating it reached as high as $167 million.
This resurgence is closely tied to the recent performance of Ethereum's native cryptocurrency, ETH, which has seen its price climb by nearly 50%. This has bolstered the Ethereum NFT ecosystem, with its weekly trading volume soaring by as much as 300% in recent weeks to between $75 million and $80 million. This marks a significant recovery for the NFT market, which saw a decline in trading volume in 2024.
While Ethereum has been at the forefront of this recovery, the Bitcoin NFT market has also seen a notable uptick in activity. Sales of Bitcoin-based NFTs have climbed to approximately $26 million in weekly volume. In contrast, the NFT volume on the Polygon network has experienced a slight decrease.
Key Drivers and Notable Projects
Several prominent NFT collections and new developments have been pivotal in this market upswing:
Pudgy Penguins Emerge as Market Leaders with ETF News The Pudgy Penguins collection has become a standout leader in trading activity, with its floor price seeing a dramatic 60% increase. A significant catalyst for this momentum is the filing for a Pudgy Penguins-related exchange-traded fund (ETF) by Canary Capital. The proposed ETF, which would hold the PENGU token, has spurred significant interest and a surge in the token's price. The collection also saw a 247.32% increase in sales, reaching $9.3 million in one week.
CryptoPunks See Renewed Interest and a Price Bump The iconic CryptoPunks collection has also experienced a resurgence, with its floor price increasing from 38 ETH to over 43 ETH. This was likely influenced by a "multimillion-dollar sweep" where a single whale purchased 45 CryptoPunks. High-value sales of CryptoPunks, including one for 200 ETH (approximately $725,130), have also been recorded.
Yuga Labs Pivots to the Metaverse Yuga Labs, the creator of the popular Bored Ape Yacht Club collection, is strategically shifting its focus towards its immersive metaverse platform, Otherside. To streamline their efforts, Yuga Labs has sold the intellectual property for some of its other collections, including Moonbirds, CryptoPunks, and Meebits. The company has been actively developing Otherside, recently introducing AI-powered tools to simplify world-building for users. This move signals a long-term vision for creating an interoperable and engaging metaverse experience.
April, focus your article on the clear resurgence of the NFT market, led by Ethereum-based projects, and anchor it around the key data points: trading volume hitting a six-month high of $143.5-$167 million, Ethereum's 300% surge to $75-$80 million, and Bitcoin’s $26 million rise. Highlight pivotal drivers like Pudgy Penguins’ ETF momentum, CryptoPunks’ whale activity, and Yuga Labs' strategic metaverse pivot. Concisely explain what happened—avoid overloading with every minor detail or background, but ensure readers quickly understand why this market rebound matters and what’s fueling it. Keep the language sharp and data-driven.
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, 2025, reports revealed that the non-fungible token (NFT) market reached a six-month high, with weekly trading volumes exceeding $143.5 million and even touching $167 million. This rebound was driven by Ethereum-based projects, which registered trading volumes of $75 million to $80 million per week—a 300% surge. Ethereum’s native cryptocurrency, ETH, rose nearly 50% over the past 90 days, signaling broader ecosystem recovery. Bitcoin NFTs also recorded increased activity, while Polygon saw its NFT volume decline.
Pudgy Penguins stood out as a notable contributor to the market resurgence. Canary Capital filed for an exchange-traded fund (ETF) tied to its PENGU token, causing its floor price to jump by 60%. The ETF proposal fueled widespread interest, pushing Pudgy Penguins’ weekly sales up by 247.32% to $9.3 million. This activity bolstered Pudgy Penguins' position as a key player in the latest wave of NFT trading.
CryptoPunks also experienced a surge in buyer activity. Over the past week, its floor price climbed from 38 ETH to over 43 ETH, partly driven by a multimillion-dollar purchase by a crypto whale who acquired 45 CryptoPunks in one transaction. High-value sales, such as one CryptoPunk trading for 200 ETH (~$725,130), reignited interest in the collection and contributed to the sector’s revival.
Yuga Labs, creator of the Bored Ape Yacht Club, shifted its focus toward its metaverse platform, Otherside. To streamline this transition, Yuga Labs offloaded intellectual property rights for collections like CryptoPunks and Meebits. The company is now prioritizing its metaverse ecosystem by 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. Polygon struggled with declining trading volume, illustrating uneven momentum across blockchain ecosystems.
As of July 21, 2025, 00:09 UTC, Ethereum (ETH) traded at $3,747.46, reflecting a 4.51% increase in the past 24 hours, according to CoinMarketCap. A 77.52% spike in ETH’s 24-hour volume further underscored growing investor confidence in Ethereum’s blockchain ecosystem, a critical factor underlying the broader recovery in NFT trading activities.
