Ethereum

Vision

Apple

Read

Non-fungible token (<a href="https://crypto.news/tag/NFT/" target="_blank" rel="noreferrer noopener">NFT</a>) trading volumes on the Ethereum network have reached their highest levels in almost a year. 
NFT trading volumes have been at their highest weekly level since Feb. 26, 2023, according to the latest data from CryptoSlam. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="296" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-12-at-13.38.20-1024x296.png" alt="Ethereum NFT volume approaches yearly high, following gas price surge - 24" class="wp-image-14247561">
 <figcaption class="wp-element-caption">
 Source: CryptoSlam
 </figcaption>
</figure> 
The increase in <a href="https://crypto.news/tag/Ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a> NFT volume comes as the current No. 3 NFT collection by market cap, Pudgy Penguins, approaches the market cap of its competitor, Yuga Labs’ Bored Ape Yacht Club (<a href="https://crypto.news/tag/Bored-Ape-Yacht-Club/" target="_blank" rel="noreferrer noopener">BAYC</a>) collection. Yuga Labs also owns Cyberpunks, the #1 lowest-priced collection. 
Pudgy Penguins is an NFT that is a collection of 888 penguins. Released on the Ethereum blockchain in 2021, these virtual avatars have gained widespread popularity due to their design and exclusivity. Pudgy Penguins is currently <a href="https://crypto.news/pudgy-penguins-webkinz-online-game-will-launch-in-2024/" target="_blank" rel="noreferrer noopener">developing</a> Pudgy World, an interactive gameplay experience said to be coming to the Apple Vision Pro. Yuga Labs is creating the Otherside metaverse, with a third “traveling” test planned soon. 
 You might also like: <a href="https://crypto.news/flooring-protocol-pudgy-penguin-bored-ape-hacked-nfts/"> Flooring Protocol allegedly hacked for NFTs worth $1.5m </a> 
However, despite the growth in trading volume on Ethereum, the same cannot be said for on-chain minted NFTs, which have seen a flat trend over the past year, indicating that NFT sales have primarily driven the recent surge in volume. 
At the same time, the hype around ERC-404 tokens led to the fact that on Feb. 9, the average commission on the Ethereum network jumped to 70 Gwei. Peak gas costs reached 377 Gwei, according to Etherscan. The last time such an indicator was recorded was May 12, 2023. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="735" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-12-at-13.30.56-1024x735.png" alt="Ethereum NFT volume approaches yearly high, following gas price surge - 25" class="wp-image-14247553">
 <figcaption class="wp-element-caption">
 Source: Etherscan
 </figcaption>
</figure> 
 Read more: <a href="https://crypto.news/trader-turns-1-eth-to-59k-in-hours-with-new-erc-404-token/"> Trader turns 1 ETH to $59k in hours with new ERC-404 token </a>

Ethereum NFT volume approaches yearly high, following gas price surge

crypto.news

Other articles published on Feb 12, 2024

Popular Memecoin DOGE Falls Due to Elon Musk's Twitter Investigation!

Top Meme Coins to Buy For The Upcoming 2024 Bull Run – $SPONGEV2, $SMOG, $MK

Analyst Warns of Impending Bitcoin Halving and Potential Price Drop

Joe Biden posts ‘laser eyes’ meme after Super Bowl — but it’s not about Bitcoin

Ripple CLO Speculates SEC Lawyers Whistleblowing Against Gary Gensler Amid Exodus

NEAR Protocol (NEAR) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Join our free newsletter for daily crypto updates!