- Pudgy Penguins generated $108 million, expanding its reach through token integration with Ethereum and Solana wallets.
- Bitcoin NFT activity remains limited, recording only $33 million, highlighting Ethereum’s dominance in high-value NFT trades.
Last week, the volume of Ethereum-based NFTs reached $186 million, surpassing the previous total of $111 million by a wide margin. This rise marked the highest weekly number in three months.
Observers attributed a large share of this uptick to the $PENGU token launch from the Pudgy Penguins collection, which recorded $108 million in trades. Some individual NFTs in that collection traded at prices of 29 ETH before values declined following the token’s release.
Pengu is this cycles most popular crypto native meme. pic.twitter.com/XDTjbEnjtp
— Luca Netz 🐧✳️ (@LucaNetz) December 21, 2024
The $PENGU token extended beyond holders of Pudgy Penguins, encompassing wallets linked to both Ethereum and Solana. This approach attracted a broader pool of market participants who sought fresh trading opportunities. In parallel, other prominent collections also saw increased volumes.
Azuki amassed $23 million in trades, and Doodles logged $17 million, reflecting a shift toward more frequent transactions involving tokenized NFTs.
Meanwhile, Bitcoin recorded only $33 million in weekly NFT trades, underscoring Ethereum’s dominant position in this segment. ETHNews Analysts suggest that Bitcoin’s approach to NFTs has not matched Ethereum’s capacity for higher-value transactions.
Some traders point to Ethereum’s established smart contract frameworks as a driver of confidence in NFT markets on that network.
The recent upswing in Ethereum’s NFT segment has led many market watchers to consider the broader implications of token-based collections. Projects are exploring new ways to draw buyers and collectors, often by introducing tokens that grant rewards or special access.
The Pudgy Penguins rollout is one instance where a collection successfully combined digital assets and token features to elevate user interest.
Everyone needs a Pengu by their side pic.twitter.com/inSdGZbsjy
— Pudgy Penguins (@pudgypenguins) December 23, 2024
Although prices can fluctuate, many traders see Ethereum as the primary choice for high-profile NFT trading. The platform has shown resilience through various cycles, and current data suggests that its NFT market continues to expand.
Projects taking advantage of Ethereum’s capabilities may influence the direction of NFT development, particularly if token offerings gain traction with both existing collectors and new entrants.
