July 2023 marked a turning point for the NFT market, which revived after periods of decline. The creation and application of NFTs is rapidly changing, and this month they surpassed DeFi in active users.
NFT Leads in User Count
In July, NFTs recorded **3.85 million daily active wallets**, surpassing DeFi which achieved a record **$270 billion** in total value locked. While DeFi shows financial success, in terms of user count, NFTs are moving ahead and gaining popularity.
Shift to Utility of NFTs
The trading volume of NFTs in July hit **$530 million**, which is **96% more** than in June. The average price of NFTs doubled — from **$52 to $105**. Well-known collections like CryptoPunks are involved in this growth. Brands such as Nike and Rolex are starting to utilize NFTs for authentication and marketing, opening new paths for their use.
Changes in the Web3 Ecosystem
The structure of the crypto ecosystem continues to change. In July, the gaming sector accounted for **22.4%** of dapp activity, outpacing AI and NFTs. Despite a decline in users, DeFi remains crucial for capital, with ETH rising by **60%** over the month.
NFTs are no longer just a fleeting trend and are becoming an important tool in the crypto universe. The increase in their applications may significantly change how trading and exchanges operate in Web3.
