“Discover how the surge in gas prices is impacting the yearly high in Ethereum NFT volume, and the human touch behind this trend. Stay informed and ahead of the curve in the ever-evolving world of cryptocurrency and NFTs.”
Non-fungible token (NFT) trading volumes on the Ethereum network have soared to their highest levels in almost a year, according to the latest data from CryptoSlam. This surge in Ethereum NFT volume comes as the popular Pudgy Penguins collection edges closer to the market cap of its competitor, Yuga Labs’ Bored Ape Yacht Club (BAYC) collection.
Pudgy Penguins, a collection of 888 virtual penguins released on the Ethereum blockchain in 2021, has gained widespread popularity for its unique design and exclusivity. The collection is also in the process of developing Pudgy World, an interactive gameplay experience set to launch on the Apple Vision Pro. On the other hand, Yuga Labs is working on the Otherside metaverse, with plans for a third “traveling” test in the near future.
Despite the growth in trading volume on Ethereum, the trend for on-chain minted NFTs has remained relatively flat over the past year, suggesting that NFT sales have primarily been driving the recent surge in volume. Additionally, the hype around ERC-404 tokens has also contributed to a significant increase in gas prices on the Ethereum network, with average transaction fees reaching 70 Gwei and peak gas costs hitting 377 Gwei.
The surge in Ethereum NFT trading volumes and the accompanying rise in gas prices indicate a growing interest in digital collectibles and blockchain-based assets. As the NFT market continues to evolve, it will be interesting to see how these trends shape the future of digital ownership and the broader crypto ecosystem. Stay updated on the latest developments in the world of NFTs by following us on Google News.