Last week, the world of non-fungible tokens (NFTs) experienced a significant surge in sales volumes, with Ethereum-based collections leading the charge. According to data tracker CryptoSlam, the total digital collectible weekly sales volumes reached an impressive $304 million.
Ethereum NFT Sales Volume Surges by 76%
On December 21st, CryptoSlam reported that Ethereum NFTs experienced a remarkable week-on-week increase of 76%, reaching a staggering $201 million in sales volume. This represents an astonishing 66% of all NFT sales volume over the past seven days.
Bitcoin and Solana-based Collections Lag Behind
In comparison, Bitcoin-based NFTs recorded a relatively modest $40 million in sales, while Solana-based collections had $29 million. Other notable blockchain platforms, including Mythos Chain, Immutable, Polygon, and BNB Chain, collectively accounted for $25.9 million in weekly volume.
Ethereum Dominates NFT Rankings
The record-breaking sales volumes are a testament to the growing popularity of Ethereum-based NFT collections. Last week, seven out of the top 10 NFT collections by sales volume were based on the Ethereum blockchain. The Pudgy Penguins collection took the top spot with a staggering $54.4 million in volume, while the LilPudgys collection came in second with almost $20 million in sales.
Top 10 NFT Collections by Sales Volume
| Rank | Collection | Sales Volume |
| — | — | — |
| 1 | Pudgy Penguins | $54.4M |
| 2 | LilPudgys | $19.9M |
| 3 | Azuki | $18M |
| 4 | Doodles | $13M |
| 5 | CryptoPunks | $7.4M |
| 6 | Azuki Elementals | $6.8M |
| 7 | Pudgy Penguins (PENGU) token | $5.9M |
| 8 | VVet Doge | $5.3M |
| 9 | Art Gens | $4.5M |
| 10 | My Neighbor Alice | $4.1M |
NFT Sales Volumes Continue to Rise in Early December
The surge in sales volumes is part of an ongoing trend that has been building since the start of December. Digital collectibles recorded a remarkable $187 million in sales in the first week of the month, with Pudgy Penguins leading the way with a $25 million sales volume.
Pudgy Penguins NFTs Dominate Sales, but Crypto Token Underperforms
While Pudgy Penguins NFTs continue to dominate the NFT space in terms of sales volume, its corresponding crypto token has been underperforming. On December 17th, the Pudgy Penguins (PENGU) token plummeted by over 50% after its launch, trading at a mere $0.03 on CoinGecko.
December NFT Sales Volumes Surpass Previous Records
In just 21 days, NFT sales volumes for December had already reached a staggering $678 million, surpassing the previous month’s record of $562 million. This makes December one of the highest-performing months for NFTs since May, when the space saw $602 million in sales.
Conclusion
The surge in Ethereum-based NFT collections and record-breaking sales volumes are clear indicators of the growing popularity of digital collectibles. As the NFT market continues to evolve, it will be interesting to see which platforms and collections emerge as leaders in the space. One thing is certain – the world of NFTs has reached new heights, and it’s exciting to see what the future holds.
References
- CryptoSlam: Ethereum NFT sales volume surges by 76% in a week
- CoinGecko: Pudgy Penguins (PENGU) token price chart
- CryptoSlam: December NFT sales volumes surpass previous records