Ethereum NFTs have been making waves recently. Not only have crypto prices been performing well in the past week, but the non-fungible token (NFT) market is also finally attracting attention again. The volume of the Ethereum NFTs market has reached its highest level in the past 12 months. Additionally, a surprising shift is expected in the top three largest NFT collections.”

Ethereum NFTs are back

In recent months, bitcoin NFTs, called Ordinals, have done very well. This sparked the discussion whether the NFTs on Ethereum could restore their past glory. According to data from CryptoSlam, Ethereum NFTs are back. Last week it recorded the highest trading volume since the end of February 2023.

It is striking that the new ‘mints’, the launches of new NFT collections, have actually fallen in recent weeks. The increasing volume is therefore mainly due to NFT sales.

Ethereum was also the most popular of all blockchains in terms of NFT activity. Other blockchains generating large NFT volume are Solana (SOL), Bitcoin (BTC) and Polygon (MATIC).

NFT battle in the top 3

Furthermore, there appears to be an exciting battle going on in the top three largest NFT collections on the Ethereum network. The definitive number 1 is still the famous CryptoPunks collection. The number two is currently the Bored Ape Yacht Club (BAYC) collection. But the market capitalization of the number three, the Pudgy Penguins, is fast approaching.

The market cap of CryptoPunks is 579 thousand ETH and the floor price is $143 thousand (58 ETH). The number two BAYC has a market capitalization of 230 thousand ETH, and the floor price is $57 thousand (23 ETH). Today, Pudgy Penguins lists a market capitalization of 180 thousand ETH and the floor price is $50 thousand (20 ETH).

Anyone who thinks that NFTs are just simple digital images is actually wrong. A good way to view the collections is as part of the companies that develop them. These NFT companies are working hard. For example, Yuga Labs, the company behind CryptoPunks and BAYC, is developing the Otherside Metaverse. Pudgy Penguins will soon launch ‘Pudgy World’, an interactive game world for the upcoming Apple Vision Pro. The NFTs are, as it were, shares in these revolutionary projects. Of course, there are also countless worthless collections on the market.

Great Dane Adventures Club (GDAC) has the same potential as Bored Ape Yacht Club (BAYC) to achieve a solid market position in the crypto space. Even though it is still in the development phase, it is definitely worth keeping an eye on it in 2024.

You can follow the Gread Dane Adventures Club here!

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