Ethereum NFT Collection Drives Weekly Transaction Volume to $304M

A surge in the number of Ethereum-based non-fungible token (NFT) collectibles last week pushed overall weekly sales of digital collectibles to $304 million.

On December 21, data tracking agency CryptoSlam reported that sales of Ethereum NFT increased by 76% month-on-month to $201 million. This represents 66% of all NFT sales over the past seven days.

In comparison, Bitcoin-based NFT sales were $40 million, while Solana-based NFT series sales were $29 million. The total weekly trading volume of Mythos Chain, Immutable, Polygon and BNB Chain is $25.9 million.

This week’s record also surpasses September’s $296 million in NFT sales, which saw the digital collectible’s lowest monthly sales since 2021.

Ethereum NFT series in NFT Dominate the rankings
Last week, seven of the top ten NFT series by sales were based on Ethereum. Among them, the Pudgy Penguins series had a turnover of US$54.4 million, becoming the series with the highest turnover that week. At the same time, the project’s LilPudgys series ranked second, with a turnover of nearly US$20 million.

Sales of the Azuki NFT line surged 130% from last week to $18 million. Sales of the project's Azuki Elementals line also increased 226% from last week to $7 million.

Last week, popular NFT series such as Doodles and CryptoPunks also ranked among the top ten sales. Sales of Doodles were $13 million, while sales of CryptoPunks were $7.4 million.

NFT has continued its strong momentum in early December.
Weekly trading volumes for NFTs have remained strong since early December. Digital collectibles generated $187 million in sales during the first week of December. The "Fat Penguin" series also led the week with sales of $25 million.

Although "Fat Penguin" NFT dominates the NFT market in terms of transaction volume, the performance of its crypto tokens is not satisfactory. On December 17, the series’ “Fat Penguin” (PENGU) token plummeted by more than 50% after its issuance. CoinGecko data shows that the token is currently trading at $0.03, down approximately 55% from its all-time high price.

In just 21 days, NFT sales in December reached $678 million, surpassing the previous month’s record of $562 million. This sales record also makes December the best month for NFTs since May, which saw sales of $602 million.