After rising NFT sales figures this week, Ethereum-native nonfungible tokens (NFTs) are beginning to make a comeback.NFT data aggregator CryptoSlam reports that Wrapped Ether Rock #46 sold for $496,658 on Monday, four days after Bored Ape Yacht Club (BAYC) #1726 sold for $668,297.After the $1.53 million purchases of CryptoPunk #5363 on January 31, they are the second and third-largest sales of the month.Wrapped Ether Rock and BAYC NFTs aren’t simply NFTs; they’re a status symbol that gives the holder reputation in the NFT community, according to Anndy Lian, an intergovernmental blockchain specialist and the author of the book “NFT: From Zero to Hero”.
“The crypto market is anticipated to be more bullish. This brings the degen narrative back to the scene where this is a way to show their social and cultural capital of the NFTs.”
The Nobody NFT collection saw a 25% rise in sales over the previous seven days, accounting for $159.5 million in NFT sales volume for Ethereum. This collection brought in $8.76 million in weekly sales for the network.NFT sales of bitcoin decreased by 25% to $47.5 million in the same time frame.
Yehudah Petscher, an NFT strategist at CryptoSlam, claims that after a spike in interest in Solana-native NFTs and Bitcoin Ordinals inscriptions, NFT traders are returning to Ethereum.
“We used to just have cycles between assets, like crypto, memecoins, NFT art, and NFT PFPs. Now, we have cycles between blockchains to factor in, too. Traders move to where there’s liquidity and opportunity, and they saw those opportunities elsewhere.”
The Pudgy Penguins NFT collection’s floor price increased to a new all-time high of 21.5 ETH ($53,427) on Sunday before declining to the current 20.28 ETH ($50.395), which helped explain Ethereum’s spike in sales.Based on NFTPriceFloor statistics, this is 13.1% below the floor price of the second-largest Ethereum-native NFT collection, the Bored Ape Yacht Club, which is 22.94 ETH ($57,000).
According to CryptoSlam, Pudgy Penguins’ seven-day sales volume increased by 143% to $6.8 million, ranking it as the fourth-largest NFT collection by weekly sales volume across all blockchains.Following the unveiling of Pudgy World Alpha, an open-world game built on blockchain technology and scheduled for release in Q1 2024, interest in the collection began to soar in December.From May 2022, the NFT market has been declining. The leading blue-chip NFT collections, BAYC and CryptoPunks, have seen their floor prices decline by 82% and 48% from their peak values, respectively.