Tokenized stocks fuel DeFi growth as NFTs regain momentum in July
Decentralized finance (DeFi) liquidity surged to a record $270 billion in July, marking a 30% month-over-month jump in total value locked (TVL), according to DappRadar data. The surge was partly driven by tokenized stocks, which saw active wallets soar from around 1,600 to over 90,000, pushing their market capitalization up 220%.
While liquidity in DeFi protocols reached historic highs, user engagement shifted toward nonfungible tokens (NFTs). Data shows 3.85 million of the 22 million daily active wallets interacted with NFT DApps in July, slightly surpassing DeFi’s active user base.
“NFT activity is seeing renewed energy, with volumes and floor prices rebounding after months of stagnation,”
NFT trading volume climbed 96% month-over-month to $530 million, while the average NFT price doubled to approximately $105. Ethereum-based marketplace Blur captured as much as 80% of daily NFT volume, while OpenSea led in active traders with around 27,000. Meanwhile, Zora gained traction with its creator-focused layer 2 and $ZORA token enabling low-cost minting.
Luxury and sports brands also ramped up NFT experiments. Nike.SWOOSH partnered with EA Sports for virtual sneaker drops, while Louis Vuitton, Rolex, and Coca-Cola (China) tested authentication and digital collectibles.
CryptoPunks led the collectibles rebound, with floor prices up more than 25% in the past month. In the last 24 hours alone, nine of the top ten NFT sales were CryptoPunks, the only exception being a piece from Web3 artist Beeble.
Despite July’s rally, NFTs remain far from their 2021 boom. DappRadar’s 2024 review showed a 19% drop in trading volume year-over-year and an 18% fall in sales counts, making it one of the weakest years since 2020. CryptoSlam data for the first half of 2025 recorded $2.82 billion in NFT sales, down 4.6% from the second half of 2024.
The July data suggests DeFi is attracting record capital, but NFTs are winning on daily user engagement — a dynamic that could shape Web3 adoption trends in the months ahead.
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.