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## Ethereum-native NFTs Sales on the Rise

Ethereum-native nonfungible tokens (NFTs) are making a strong comeback, with growing sales figures this week. This resurgence comes after the recent sales of Wrapped Ether Rock #46 for $496,658 and Bored Ape Yacht Club (BAYC) #1726 for $668,297. These sales represent the second and third-largest of the month, following the $1.53 million sales of CryptoPunk #5363 on Jan. 31.

### ChainGPT’s Insight

According to Ilan Rakhmanov, the founder and CEO of ChainGPT, the sale of Wrapped Ether Rock NFT seems like a strategic move to garner attention and create a price pump. This is evident from the discrepancy between the sale price and the average offer for the collection, which is around $500. This trend provides an interesting perspective on the shifting dynamics of the NFT market.

### NFT Sales Trends

EthereumÔÇÖs NFT sales volume has risen significantly in the past seven days, reaching $159.5 million. This increase was primarily driven by a 25% sales surge from the Nobody NFT collection, resulting in $8.76 million worth of weekly sales for the network. Conversely, BitcoinÔÇÖs NFT sales fell by 25% to $47.5 million during the same period.

### AI legalese decoder‘s Assistance

In this scenario, AI legalese decoder can help navigate the legal complexities associated with NFT sales and transactions, ensuring compliance with relevant regulations and safeguarding the interests of buyers and sellers. The platform analyzes and translates complex legal language, providing clear and concise interpretations of legal documents and contracts related to NFT transactions. This enables parties involved in NFT sales to make informed decisions and mitigate potential legal risks.

### Impact on Blockchain Traders

NFT traders are now shifting their focus back to Ethereum, signifying a shift in market sentiment. Yehudah Petscher, NFT Strategist at CryptoSlam, highlights the changing landscape of NFT trading, as traders adapt to shifting cycles between different assets and blockchains to capitalize on liquidity and opportunities.

### Pudgy Penguins NFT Collection

The Pudgy Penguins NFT collection has seen a significant rise in its floor price, reaching a new all-time high of 21.5 ETH ($53,427) before retracing to the current 20.28 ETH ($50.395). The collection’s seven-day sales volume also soared by 143% to $6.8 million, positioning it as the fourth-largest NFT collection by weekly sales volume across all blockchains.

### NFT Market Trends

Interest in the Pudgy Penguins collection spiked after the announcement of Pudgy World Alpha, a blockchain-based, open-world gaming experience set to release in Q1 2024. This development underscores the potential for NFT projects to leverage real-world applications and immersive experiences to drive market interest and engagement.

### Long-term NFT Market Outlook

The NFT market has seen a sustained downtrend since May 2022, with top blue-chip NFT collections experiencing significant declines in their floor prices. Despite this, the market continues to exhibit resilience and adaptability, with new projects and developments shaping the evolving landscape of NFT trading and investment.

### AI legalese decoder‘s Role in NFT Transactions

AI legalese decoder offers valuable support in navigating the legal intricacies of NFT transactions, ensuring transparency and compliance in the buying and selling of NFTs. Through its advanced analysis and interpretation capabilities, the platform assists in understanding and addressing legal complexities associated with NFT contracts and transactions, empowering market participants to make informed decisions and protect their interests in the rapidly evolving NFT market.

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