NFT sales hit $224M as Pudgy Penguins earn $30M weekly
Pudgy Penguins see 50% growth
Amid mixed dynamics in the cryptocurrency market, NFT sales continued to grow, with the Pudgy Penguins collection, which dominated earlier this month, expanding beyond digital art.
According to CoinMarketCap, global cryptocurrency market capitalization fell to $3.63 trillion last week, down from $3.67 trillion the previous week. Nevertheless, Bitcoin regained a level above $100,000, and NFT sales volume rose by 16.36% over the last seven days to reach $224.5 million, according to CryptoSlam.
However, the number of unique buyers dropped by 74% to 180,641. Wash trading also saw a significant increase, particularly on Ethereum, where it rose 117% to nearly $44 million.
Blockchain performance and market highlights
Ethereum led with a 21% growth in NFT sales, totaling $119 million and maintaining dominance in the market.
Bitcoin NFT sales reached $51.8 million, a 15% increase compared to the first week of December. Wash trading on Bitcoin rose moderately by 11.3%, indicating relatively cleaner trading activity compared to Ethereum.
Solana ranked third with $21.4 million in sales, reflecting a 32% growth.Mythos Chain (MYTH) and ImmutableX rounded out the top five with $10.9 million and $8.5 million, respectively.
Pudgy Penguins' continued success
The Pudgy Penguins collection retained its top position by increasing sales by over 50% to $30 million. This growth was driven by its crossover into physical merchandise, with Pudgy Toys available at Walmart, Target, Amazon, and Walgreens, generating over $10 million in sales.
Brand owners are now exploring further expansion, including turning Pudgy Penguins into toys and featuring their imagery on various products.
Other notable performances
BRC-20 NFTs saw a 55% growth, with sales remaining strong at $15.5 million.LilPudgys, a newcomer, experienced a remarkable 1022% sales surge, reaching $13.5 million.Azuki and Guild of Guardians Heroes completed the top five collections.
Amid the cryptocurrency market's rise and Bitcoin hitting a new all-time high (ATH), the non-fungible token (NFT) market also demonstrated significant growth.
