This increase is largely attributable to BAYC. The latter corresponds to a popular collection of 10,000 unique NFTs created by Yuga Labs.
Bored Ape Yacht Club and Pudgy Penguins are boosting the Ethereum NFT market. The Ethereum blockchain is once again at the heart of NFT action. The latest figures show a spectacular increase in activity.
A Sharp Rise
Data shows a significant spike in Ethereum-based NFT transactions. A few days ago, trading volume for these NFTs reached almost $7 million, an increase of 54% on the previous day. This increase is largely attributed to BAYC.
Earlier in the week, BAYC had experienced a breakthrough. Its trading volume had doubled after breaking through a key resistance level. BAYC’s floor price rose from 9.8 ETH on August 14 to 12.69 ETH the following day.
Although it has stabilized slightly, currently at around 12.58 ETH, BAYC had topped the global NFT chart for three consecutive days. The collection saw a trading volume of $1.4 million recently, a remarkable increase of 106%.
Pudgy Penguins Also in the Lead
Meanwhile, Pudgy Penguins, another popular NFT collection, is also making waves. With 8,888 unique NFTs from Igloo Inc, Pudgy Penguins has seen its trading volume soar to $940,841 over the past few days. This corresponds to a 105% increase on the previous day. Its floor price rose from 8.2 ETH on August 12 to 9.6 ETH on August 15.
With Ethereum-based NFTs taking center stage, it’s clear that the NFT market is undergoing a major revival.
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