Ethereum’s recent rise in price has buoyed its NFT ecosystem, with trading volume on the chain reaching its highest level since mid-January.
Ethereum NFTs have seen $75.0 million of trade volume over the past week, according to The Block’s data, a majority of the total $143.5 million of volume seen across major chains.
Ethereum NFT volume has significantly increased from just two weeks ago, when the chain recorded only $18.3 million of weekly volume. Bitcoin-based NFTs have also increased over the same time frame, from $11.0 million to $25.6 million, though Polygon-based NFTs saw a slight decline in volume.
The NFT trading volume’s increase mirrors the rise in ETH’s price, from about $2,525 on July 6 to its current trading price around $3,730 — an increase of nearly 50%, according to The Block’s Ethereum Price page.
NFTs have faced a significant decline in market share since their 2021 peak; 2024 was the worst year yet for NFT trading volume, The Block previously reported, with NFT sales facing a 18% year-over-year decline.
NFT titan Yuga Labs, best known for its Bored Ape Yacht Club collection, undid some of its prior acquisitions earlier this year by selling the Moonbirds, Cryptopunks, and Meebits intellectual property to various buyers. Yuga Labs has said it’s devoting its main efforts to its immersive metaverse platform, Otherside.
Exchange Cboe BZX last month filed a form 19b-4 for an ETF from Canary Capital that would hold PENGU, a token launched by Ethereum-based NFT collection Pudgy Penguins. The form signals the start of an SEC review process for the fund’s approval. Pudgy Penguins was the third-largest NFT collection by trading volume last week, according to CryptoSlam data.
CryptoPunk whale snaps up 45 NFTs
Also on Sunday afternoon, an unknown whale bought 45 CryptoPunk NFTs in a multimillion-dollar sweep, blockchain data shows. Following the sweep, the floor price of CryptoPunks is currently around $175,000. A total of 54 punks were purchased in a short window of time, though 45 ended up in the same destination wallet.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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