Ethereum News Today: Ethereum NFT Trading Volume Surges 317% in Two Weeks to $75.0 Million

Weekly NFT trade volume has surged to a six-month high, driven primarily by Ethereum-based projects. According to The Block data, Ethereum NFTs accounted for $75.0 million in trading volume over the past week, representing a significant increase from just $18.3 million two weeks ago. This figure constitutes the majority of the $143.5 million in NFT trading volume recorded across major blockchain networks [1]. The surge aligns with the rising price of Ethereum (ETH), which climbed from approximately $2,525 on July 6 to nearly $3,730, marking a 50% increase [1].

Bitcoin-based NFTs also showed growth, with trading volume rising from $11.0 million to $25.6 million in the same period. In contrast, NFTs on the Polygon network experienced a marginal decline in volume [1]. Despite the recent upswing, the NFT market has struggled to regain its 2021 momentum. The Block previously reported that 2024 was the worst year yet for NFT trading volume, with a 18% year-over-year decline in sales [1].

Meanwhile, major NFT players are recalibrating their strategies. Yuga Labs, the firm behind the Bored Ape Yacht Club, has offloaded some of its high-profile NFTs, including Moonbirds, Cryptopunks, and Meebits, to various buyers. The company has redirected its focus toward developing its metaverse platform, Otherside [1].

In a notable market event, an anonymous whale acquired 45 CryptoPunk NFTs in a single transaction, pushing the floor price to approximately $175,000. The purchase involved a total of 54 punks acquired in a short span, with 45 ending up in the same wallet [1].

The growing interest in NFTs is also reflected in the financial sector. Cboe BZX recently submitted a Form 19b-4 for an ETF by Canary Capital, which would hold PENGU tokens from the Ethereum-based Pudgy Penguins collection. This filing initiates the Securities and Exchange Commission (SEC) review process for the fund. According to CryptoSlam data, Pudgy Penguins ranked as the third-largest NFT collection by trading volume last week [1].

The recent rise in Ethereum-based NFT activity suggests renewed optimism in the market, albeit against a backdrop of broader industry challenges. As prices and volumes climb, the sector’s future will depend on sustained innovation and regulatory clarity.

Source: [1] Weekly NFT trade volume hits six-month high, led by Ethereum projects (https://www.theblock.co/post/363500/weekly-nft-trade-volume-hits-six-month-high-led-by-ethereum-projects)