NFT trading volume soared to 530 million USD in July, with activity surpassing Decentralized Finance, igniting a new market trend.

The NFT market made a strong comeback in July, not only with a significant rise in trading volume but also surpassing DeFi in user activity for the first time, becoming the new focus of the blockchain industry. With average prices doubling and the rise of creator platforms, NFTs are transforming from simple artworks and collectibles into diverse digital assets, bringing new momentum to the market.

NFT transaction volume rises, average price doubles

(Source: DappRadar)

According to a report released by DappRadar on August 7, NFT trading volume surged by 96% in July, reaching $530 million, despite a 4% decline in total transactions, with only 5 million NFTs changing hands. This data indicates a shift in buyer behavior, with the number of NFT transfers decreasing, but the average selling price skyrocketed from $52 in June to $105 in July, more than doubling. Creator-focused platforms, such as Blur and Zora, have driven this wave of high-priced trading.

platform innovation and user structure changes

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(Source: DappRadar)

Driven by professional traders and the Blend lending feature, Blur occupies 80% of Ethereum NFT trading volume, becoming the market leader. OpenSea, on the other hand, maintains the highest daily user count with about 27,000 active traders, thanks to its long-tail listings and multi-chain support. Zora leverages the Base network and the native ZORA token to reduce NFT minting costs, attracting more creators to participate. The innovations of these platforms have driven the diversification and specialization of the NFT market structure.

The rise of NFT practicality and the expansion of application scenarios

DappRadar points out that the NFT sector has gradually shifted from early market speculation to the enhancement of digital asset utility. NFTs are no longer limited to artworks and collectibles, but have expanded to diverse applications such as digital identities, event ticketing, gaming, and tokenization of real-world assets. This shift has not only attracted more users but also brought long-term rise potential to the NFT market.

Decentralized Finance continues to rise, the tokenization of real assets is on the rise

(Source: DappRadar)

Although the NFT market has performed impressively, the DeFi sector has also shown strong growth. In July, the total value locked (TVL) in DeFi surged by over 30%, reaching $259 billion by the end of the month, and hitting an all-time high of $270 billion on July 28. Ethereum remains the leader in DeFi, with a TVL of $166 billion, far exceeding Solana's $23 billion. Notably, the number of wallet interactions for tokenized stocks skyrocketed from 1,600 to over 90,000, with a market cap rise of 220%, indicating that real-world assets (RWA) are becoming an emerging hotspot.

Conclusion

The strong resurgence of the NFT market in July has not only driven up transaction volumes and average prices but has also surpassed DeFi in user activity, marking a new round of transformation in the blockchain industry. With platform innovations, the expansion of application scenarios, and the rise of tokenization of real-world assets, NFTs and DeFi are jointly promoting the diversified development of the digital economy. In the future, whether the NFT market can continue to maintain high rise will depend on its practical implementation and the further release of user demand.