tl;dr
In July, the NFT market saw a significant revival, surpassing DeFi in user activity according to a DappRadar report. NFT trading volume nearly doubled to $530 million, with average sale prices rising from $52 to $105, despite a slight drop in transactions. Platforms like Blur dominated Ethereum NFT ...
The NFT market experienced a notable revival in July, surpassing DeFi in user activity, as revealed by a recent DappRadar report. This resurgence signals a pivotal moment, suggesting that NFTs are regaining public interest after a prolonged downturn since the 2022 bear market's peak.
July saw NFT trading volume almost double, increasing by 96% to $530 million, despite a 4% drop in total transactions to 5 million. This shift indicates that fewer NFTs were sold, but at significantly higher prices, with the average sale price climbing from $52 in June to $105 in July. Specialized platforms like Blur led this growth, capturing up to 80% of Ethereum-based NFT trading volume by catering to professional traders and offering innovative features like Blend lending. OpenSea maintained its position as the marketplace with the highest daily user count, roughly 27,000 traders, supported by its extensive listings and multichain capabilities. Additionally, Zora gained traction on the Coinbase-backed Base network thanks to its Layer 2 solution and lower minting costs via the ZORA token.
The report highlighted the maturation of NFTs beyond art and collectibles into practical applications including digital identity verification, event ticketing, gaming, and the tokenization of real-world assets, showcasing the dynamic evolution of this sector.
Parallel to NFTs, DeFi demonstrated strong growth in July, with the total value locked (TVL) rising over 30% to $259 billion by month’s end and reaching an all-time high of $270 billion on July 28. This growth was fueled by increased liquidity and user interest across lending, trading, and tokenized assets. A remarkable surge in tokenized stock wallet interactions—from 1,600 to over 90,000—propelled a 220% market cap increase, highlighting growing momentum for real-world asset integration within DeFi.
Ethereum maintained its dominance in DeFi with $166 billion in TVL, supported by a nearly 60% price rally in July attributed to favorable regulatory news and attractive staking rewards at 29.4% APY. On Solana, Hyperliquid stood out by driving 35% of the blockchain’s revenue through increased demand for derivatives, accounting for over 60% of 24-hour perpetual trading volume, alongside significant USDC bridging activity totaling $5.1 billion.