Ethereum NFT volume surged 300% in two weeks, reaching $75 million and dominating over 50% of total NFT trades.
Bitcoin and Immutable NFTs also rose, while Polygon’s volume declined despite the broader market recovery.
Yuga Labs restructured assets, and Pudgy Penguins' PENGU token moved toward ETF approval amid rising institutional activity.
NFT trading activity surged last week, pushing total volume across major blockchains to $143.5 million. This marks the highest level since January 2025. Ethereum played a central role in this spike, accounting for over half of the week’s total volume. Weekly Ethereum-based NFT trades reached $75 million, up from $18.3 million just two weeks prior. This 300% rise signals renewed momentum within the sector.
Ethereum Reclaims Market Dominance
Ethereum overpowered the NFT market last week, with a sharp growth in trading volume observed across major platforms. Recent blockchain data reveals ETH's share exceeding 50% of total volume, lifting it far above other chains. This activity overlaps with a steady increase in ETH price, which rose from $2,525 on July 6 to $3,730, a gain of nearly 50%.
Source: Satoshi Club (X)
A major transaction on Sunday afternoon contributed to this growth. One buyer acquired 45 CryptoPunks in a single move, which boosted the weekly totals. Ethereum’s market resurgence appears to be supported by strong investor activity and broader market interest.
Bitcoin and Immutable Also Record Growth
Bitcoin NFTs showed upward movement, with volume climbing from $11 million to $25.6 million over the past two weeks. Immutable also saw gains, though on a smaller scale. These increases contributed to the overall $143.5 million in weekly NFT transactions, the highest since January 2025.
While Ethereum remained the leader, the rise across other chains signals a broader market movement. Immutable’s yellow-colored segment grew slightly in volume, according to the latest bar chart data. Bitcoin’s NFT segment also expanded in the same timeframe.
Polygon Faces Decline Amid Market Uptick
Polygon NFTs declined slightly despite the broader market's recovery. Data from The Block indicates a small but noticeable drop in trading activity for this chain. As Ethereum and Bitcoin gained ground, Polygon’s red-colored volume on the graph trended downward during the same period.
Meanwhile, 9 Other chains grouped together in the light blue segment showed steady but less pronounced growth. BNB Chain, represented in purple, remained relatively flat across the observed period as NFT-related projects continued to undergo restructuring.
Yuga Labs, known for the Bored Ape Yacht Club, sold off its ownership in Moonbirds, Cryptopunks, and Meebits. The company has shifted focus to its virtual platform, Otherside. In related developments, exchange Cboe BZX filed for an ETF tied to Pudgy Penguins’ token PENGU. Pudgy Penguins ranked third in NFT volume last week, based on CryptoSlam data.
