The NFT market made a powerful comeback in July, with total market capitalization surging to $6.6 billion, marking a 94% increase from the previous month, according to DappRadar.
NFT Trading Volume Sees Strongest Weekly Spike Since February
Weekly NFT trading volume reached $136 million, a 51% jump from the prior week. This is the strongest week for the sector since February, signaling renewed investor interest in digital collectibles after months of declining activity.
The rebound follows several quarters of volume decline, raising hopes that the NFT market may have reached a bottom and is entering a new growth cycle.
CryptoPunks Drive Market Surge With High-Value Sales
CryptoPunks, the iconic Ethereum-based NFT collection, led the resurgence. The collection’s floor price rose 53% during the month, reaching a peak of 47.5 ETH (approx. $180,000) on July 21 — a 15.9% jump in a single day.
That same day, 83 CryptoPunks were acquired by new wallets, showing increasing demand from both collectors and investors.
“They’re still the gold standard of Web3 clout,” a DappRadar analyst stated. For many, owning a Punk remains a status symbol in the decentralized digital economy.
A standout moment came when GameSquare Holdings purchased CryptoPunk #5577, also known as the Cowboy Ape, for $5.15 million in preferred company stock. The Punk, one of just 24 ape-themed pieces, was first claimed in 2017 and previously sold for $7.7 million in 2022.
The seller, Robert Leshner, founder of DeFi protocol Compound, will now join GameSquare as a shareholder.
Ethereum NFTs Dominate July Rankings
While CryptoPunks retained the top spot, Pudgy Penguins briefly overtook them in seven-day trading volume, notching over $20 million. CryptoPunks later reclaimed the lead.
Meanwhile, CryptoBatz NFTs, created by the late Ozzy Osbourne, surged 400% in trading volume following the icon’s passing, highlighting how pop culture events continue to influence NFT trends.
NFT Market Shows Signs of Sustainable Recovery
The explosive rise in NFT market cap and trading activity this July suggests that investor sentiment is rebounding, especially around blue-chip collections. With Ethereum NFTs dominating the charts, the sector may be heading into a renewed growth phase, driven by collector demand, high-profile sales, and cultural relevance.
NFTs are no longer just hype — they’re proving their staying power in the digital asset ecosystem.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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