In July 2025, the NFT market showed notable growth, reaching the second-highest sales volume in history, influenced by several factors including Ethereum's strong performance.
Surge in NFT Sales Volume
In July, NFT sales topped over $574 million, marking a 47.6% increase from June's $388.9 million. However, the total number of transactions declined by 9%, falling from 5.5 million to 5 million. This was offset by a significant rise in the average sale value, which reached $113.08.
Ethereum Leads the NFT Market
Ethereum played a crucial role in the July NFT surge. By late July, ETH surpassed $3,900, a 62% increase from its August 1 price of approximately $2,400. All top 10 NFT collections by market cap over the past 30 days were Ethereum-based, including CryptoPunks and Pudgy Penguins.
Diverging Blockchain Performance
While Ethereum-based NFTs soared, other blockchains had mixed performances. Cardano recorded the highest percentage growth with sales jumping by 102%. Polygon and BNB Chain saw significant downturns, with Polygon reporting a 51.1% drop, and BNB Chain a 54% decrease.
Despite the decline in transaction counts and buyer numbers, the rising sale values and the dominance of blue-chip collections indicate a market shift towards quality over quantity.
