Ethereum NFT collections drive weekly volume to $304M

Ethereum-based non-fungible token (NFT) collections surged last week, driving the overall digital collectible weekly sales volumes to $304 million. 

On Dec. 21, data tracker CryptoSlam reported that Ethereum NFTs experienced a 76% week-on-week increase, reaching $201 million in sales volume. This represents 66% of all NFT sales volume over the past seven days.

By comparison, Bitcoin-based NFTs recorded $40 million in sales, while Solana-based collections had $29 million. Mythos Chain, Immutable, Polygon and BNB Chain collectively had a weekly volume of $25.9 million. 

The weekly record also surpasses the $296 million NFT sales record for September, when digital collections had their lowest monthly sales volume since 2021. 

Ethereum collections dominate NFT rankings

Last week, seven of the top 10 NFT collections by sales volume were based on Ethereum. The Pudgy Penguins collection recorded a $54.4 million volume, making it the top collection for the week. Meanwhile, the second spot went to the project’s LilPudgys collection, recording almost $20 million in sales. 

7 out of the top 10 NFT collections for the week are Ethereum-based collections. Source: CryptoSlam

The Azuki NFT collection surged by 130% compared to last week, recording $18 million in sales. The project’s Azuki Elementals collection recorded a 226% week-on-week increase after having a $7 million sales volume. 

Popular NFT collections like Doodles and CryptoPunks also made it into the top 10 collections by sales volumes last week. Doodles had $13 million, while CryptoPunks recorded a volume of $7.4 million. 

Related: OpenSea Cayman Islands registration fuels token airdrop rumors

NFTs continue early December momentum

NFT weekly volumes have been strong since the start of December. Digital collectibles recorded $187 million in sales in the first week of the month. The Pudgy Penguins collection also led the week with a $25 million sales volume. 

While Pudgy Penguins NFTs dominate the NFT space in volume, its crypto token is performing less well. On Dec. 17, the collection’s Pudgy Penguins (PENGU) token plummeted by over 50% after its launch. CoinGecko data shows the token trades at $0.03, about 55% down from its highest price record. 

In just 21 days, NFT sales volumes for December had already reached $678 million, surpassing the previous month’s record of $562 million. The sales record also makes December NFTs’ highest-performing month since May, when the space saw $602 million in sales.

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