Recent data from CryptoSlam has revealed that non-fungible token (NFT) trading volumes on the Ethereum network have surged to their highest levels in almost a year.

NFT trading volumes have hit their peak weekly level since Feb. 26, 2023.

This spike in Ethereum NFT volume coincides with the impressive performance of Pudgy Penguins, currently the third-largest NFT collection by market cap. Pudgy Penguins is closing in on the market cap of its competitor, Yuga Labs’ Bored Ape Yacht Club (BAYC) collection. Yuga Labs is also behind Cyberpunks, the top-ranking lowest-priced collection in the market.

Pudgy Penguins, consisting of 888 unique penguins, has been a hit on the Ethereum blockchain since its launch in 2021. The collection’s popularity stems from its distinctive design and limited availability. Pudgy Penguins is now working on Pudgy World, an interactive gaming experience set to launch on the Apple Vision Pro. Meanwhile, Yuga Labs is developing the Otherside metaverse, with plans for a third “traveling” test in the pipeline.

Despite the surge in trading volume on Ethereum, on-chain minted NFTs have shown a stagnant trend over the past year, indicating that the recent volume increase is primarily driven by NFT sales.

On another note, the hype surrounding ERC-404 tokens resulted in a sharp increase in average gas fees on the Ethereum network. On Feb. 9, the average transaction fee spiked to 70 Gwei, with peak gas costs hitting 377 Gwei, according to Etherscan. This surge in gas fees hasn’t been seen since May 12, 2023.

For more exciting updates and news on the latest developments in the world of cryptocurrencies and NFTs, stay tuned to Global Crypto News!

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